JLL has closed the sale of a fully leased, 40,781-square-foot light industrial building in the Bergen County community of Oakland.
JLL marketed the property on behalf of the seller, North Jersey Development Group. A private investor purchased the asset.
Situated on 2.03 acres at 48 Spruce Street, the building is in the Northwest Bergen Industrial submarket directly off Route 202 and approximately one mile from Interstate 287. Additional regional connectivity is provided by the building’s proximity to Interstate 87 and Routes 208 and 17. Renovated in 2001, the building features 20-foot clear heights, two dock-high and two drive-in doors and 40- by 32-foot column spacing. Additionally, the property boasts a 30% office finish with flexible floorplans.
The JLL Capital Markets team representing the seller included Senior Managing Director Jose Cruz and Directors Marc Duval and Jordan Avanzato.
“We have continued to see strong investor appetite for industrial product not only from institutional groups but also private equity that want a diversified portfolio,” Duval said.
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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