06/15/2021 | Press release | Distributed by Public on 06/15/2021 13:24
MORRISTOWN, N.J, June 15, 2021 - JLL Capital Markets announced today that it has closed the sale of a 50,400-square-foot last-mile distribution facility fully leased to a multinational investment-grade tenant in Branchburg, New Jersey.
JLL marketed the property on behalf of the seller, Elberon Development Group and The Avidan Group. NorthBridge Partners purchased the asset.
The facility is situated on 3.49 acres at 161 Meister Ave., less than one mile from State Route 22, the region's main commercial thoroughfare. The property is also minutes from Interstates 78 and 287, two of the New York metro area's largest and most heavily trafficked highways. Additionally, 161 Meister Ave. is situated in what is known as New Jersey's 'wealth belt' due to median household incomes more than two times the national average.
The tenant has occupied 161 Meister Ave. since it was constructed in 1988 and uses it as a last-mile delivery center that serves Somerset County and the wealthy regional community. The tenant, which has an unrivaled logistics network that sorts and processes more than 17 million shipments per day, recently executed a long-term lease extension, showcasing the property's strategic position to serve the booming industry. The building features a 22-foot clear height, five drive-in doors, and recently saw capital improvements including new offices, all new LED lighting and replacement of all HVAC systems.
The JLL Capital Markets team representing the sellers was led by Marc Duval, Jordan Avanzato, Mike Oliver, Jose Cruz and Mike Kavanagh.
'This is the most active and robust industrial market that we have seen all cycle,' Duval said. 'Investors continue to pursue opportunities in the industrial space and existing operators are rapidly ramping up their platforms.'
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.
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