JLL Capital Markets has closed the sale of Crossroads at 100 Jefferson Road, a 558,930-square-foot, last-mile, Class A distribution facility in Parsippany.
JLL worked on behalf of the sellers, Harbor Group International and Turnbridge Equities. JFR Global Investments purchased the asset.
Crossroads at 100 Jefferson Road is situated on 35.9 acres in the Eastern Morris County Industrial submarket at 100 Jefferson Road at the intersection of Interstates 287 and 80, two of New Jersey’s most highly traveled thoroughfares and which provide direct access to New York City, Newark Liberty International Airport and Port Newark-Elizabeth. This last-mile location is surrounded by three million residents within a 20-mile radius and is centrally located to provide easy access to the New York City MSA and more than 20 million people.
Originally constructed between 1957 and 1998, the property, which is currently 63.5% leased to PNY Technologies and Vitaquest International, recently underwent a comprehensive multi-million-dollar capital improvement program to create new-to-market Class A industrial warehouse space. The facility, which is split into three independent suites, features clear heights ranging from 19 to 38 feet, 35 loading docks, three drive-in doors, 514 parking stalls and solar panels.
The JLL Capital Markets team representing the seller included Jose Cruz, Jordan Avanzato, Marc Duval Michael Oliver, Kevin O’Hearn and Steve Simonelli.
“We are very pleased with the outcome of this transaction,” Cruz said. “Demand for suburban industrial continues to be very strong and the remaining lease up of this asset gives the buyer significant upside on which to capitalize.”
The COVID-19 pandemic and the shelter-in-place policies that ensued have accelerated e-commerce growth and the need for warehouse space across the nation. JLL expects e-commerce sales could hit $1.5 trillion by 2025, which would increase the demand for industrial real estate to an additional 1 billion square feet.
E-commerce is expected to lead future leasing in the New Jersey Industrial market specifically. After leasing volume hit its second-highest level since 2008 in 2Q 2020, JLL Research found that, in 3Q 2020, leasing continued to accelerate on the back of the e-commerce industry, which should persist through 2020.
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 sales 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.
To access more business news, visit NJB News Now.Related Articles: