JLL has closed the $15 million sale of a fully leased, 102,611-square-foot production and warehouse building within the Meadowlands industrial submarket in Carlstadt.
JLL marketed the property on behalf of the seller, SPI 190 Jony, LLC. Cabot Properties purchased the asset.
Situated on 3.9 acres at 190 Jony Drive, the property is in the Meadowlands Industrial submarket, a high barriers-to-entry submarket proximate to New York City, the Port of New York and New Jersey and Newark International Airport. Additionally, the property’s centralized North New Jersey location near the New Jersey Turnpike, Interstate 80 and Routes 1, 9, 3, 17 and 46 facilitates service to the entire Northwest region. The building is leased to Coloredge, the leading supplier of visual communications and brand imaging solutions and Amazing Vitamins, a rapidly expanding health supplement manufacturer and supplier. It features up to 24-foot ceiling heights, three drive-in doors, wide column spacing and an attractive sky-lit atrium lobby in the office area.
The JLL Capital Markets team representing the seller included Senior Managing Director Jose Cruz, Directors Marc Duval and Jordan Avanzato and Associate JB Bruno.
“Meadowlands industrial continues to be at the top of the list for both institutional and private investors. In addition, the lack of opportunities in the industrial space has resulted in more aggressive pricing and groups chasing midsize transactions,” stated Cruz.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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