JLL closes $15M sale of Meadowlands industrial-tech building
The North New Jersey property is proximate to New York City
MORRISTOWN, N.J., October 7, 2019 – JLL announces that it 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, New Jersey.
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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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About SPI 190 Jony, LLC
SPI 190 Jony is an affiliate of SPI Holdings, LLC a San Francisco and Dallas-based real estate investment company with industrial, retail, multi-family, mini-storage and hospitality properties throughout the country. Its principals include Mr. Dennis J. Wong of San Francisco and Mr. Richard D. Squires of Dallas, Texas.
About Cabot Properties
Cabot Properties is a private equity real estate investment firm. The firm is a leading investor, developer and operator of industrial properties throughout North America and the United Kingdom. Formed in 1986, Cabot has invested $9.4 billion in industrial real estate, managing and operating over 3,800 tenants in approximately 180 million square feet.