News release

JLL arranges New Jersey’s largest industrial sale of the year

JLL Capital Markets arranged the sale of a 1.2 million square foot seven-building, light industrial portfolio

November 02, 2023

Alli Semans

Hotels & Hospitality and Capital Markets PR
+1 330 329 6750

MORRISTOWN, N.J., Nov. 2, 2023 –  JLL Capital Markets announced today that it arranged the $217.5 million sale of a seven-building, light industrial portfolio totaling 1.2 million square feet in East Hanover, Morris County, New Jersey.

JLL represented the seller, Urban Edge Properties (NYSE: UE), and procured the buyer, an investment fund managed by Morgan Stanley Real Estate Investing, and its operator and manager NJ-based Saxum Real Estate.

The portfolio, located along Murray Road consists of over 1.2 million rentable square feet across seven buildings that are fully occupied by 13 tenants. Key asset features include an average clear height of 21 feet and 945 total parking spaces.

The properties are located at 901, 903-906, 601 Murray Rd. and 151 Ridgedale Ave., in the high barrier-to-entry and supply-constrained market of Northern New Jersey. The Morris County submarket is the fourth largest submarket in Northern New Jersey, representing more than 33.4 million square feet of industrial space.

The JLL Capital Markets Investment Sales and Advisory team was led by Jose Cruz, Marc Duval, Jordan Avanzato, Nick Stefans, Jason Lundy and Austin Pierce.

“This was a remarkable transaction for both the seller and the buyer,” said Cruz.  "The experience and financial wherewithal, collectively, was instrumental to getting a deal of this size done in current environment.”

“This portfolio, which was heavily competed for, demonstrates the available capital for industrial assets despite the challenges that the market is experiencing,” added Duval.

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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

About Urban Edge Properties

Urban Edge Properties is a NYSE listed real estate investment trust focused on owning, managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the Washington, D.C. to Boston corridor. Urban Edge owns 76 properties totaling 17.2 million square feet of gross leasable area. For further information, please visit


About Morgan Stanley Real Estate Investing

Morgan Stanley Real Estate Investing (“MSREI”) is the global private real estate investment management business of Morgan Stanley. One of the most active property investors in the world for over three decades, MSREI employs a patient, disciplined approach through global value-add / opportunistic and regional core real estate investment strategies. With 17 offices throughout the U.S., Europe and Asia, regional teams of dedicated real estate professionals combine a unique global perspective with local presence and significant transaction execution expertise. MSREI currently manages $54 billion of gross real estate assets worldwide on behalf of its clients.


About Saxum Real Estate

Saxum Real Estate is a nationally established, vertically-integrated and privately-held real estate investment and development company. The firm specializes in value-add and development opportunities across multiple asset classes, with a focus on Industrial and Housing verticals. Saxum’s portfolio comprises 34 properties totaling over 8 million square feet.


About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit