JLL closes $19.35M sale of light industrial building
The North New Jersey property is fully leased to CBS Broadcasting Inc.
MORRISTOWN, N.J., November 13, 2019 – JLL announces that it has closed the $19.35 million sale of 190 Wood Avenue South, 154,788-square-foot light industrial property fully leased to CBS Broadcasting Inc. in the Middlesex County community of Woodbridge Township, New Jersey.
JLL marketed the property on behalf of the seller. The property was sold to an undisclosed buyer.
Situated on 7.72 acres, 190 Wood Avenue South is within the 34.5-acre Metropark Office Campus located at the epicenter of several of the state’s major commercial routes, including Route 1 and Interstates 95 and 287, which is one of the most travelled highways in New Jersey. The property is about 30 miles from New York City and in the Garden State Parkway/Perth Amboy Industrial submarket proximate to both executive housing and an abundant labor force. Port Newark/Elisabeth Marine Terminal is 18 miles from the property, and Newark Liberty International Airport is 15 miles away. Completed in 1982 and renovated in 2019, 190 Wood Avenue South is a one-story light industrial building with a lower level, a 24-foot ceiling height, two dock-high doors and two drive-in doors. The property is leased to CBS Broadcasting Inc. on a net lease basis.
The JLL Capital Markets team representing the seller included Senior Managing Director Jose Cruz, Directors Marc Duval and Jordan Avanzato and Associate Grace Braverman.
“There was great interest in this asset given its location and current use,” Cruz said. “It’s a rare opportunity to acquire a property with long-term flexibility and optionality that can support logistics, storage and other uses in the Metro park submarket.”
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.
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 more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.