JLL closes sale of bank-owned office property in North New Jersey
The property can be repositioned or redeveloped into an industrial facility
MORRISTOWN, N.J., July 23, 2019 – JLL announces that it has closed the sale of a 104,020-square-foot vacant office building at 1001 Durham Avenue in South Plainfield, New Jersey.
JLL marketed the property on behalf of the seller, ConnectOne Bancorp, Inc. Edgewood Properties purchased the asset. 1001 Durham Avenue is currently managed and operated by a court-appointed receiver.
1001 Durham Avenue offers an opportunity to upgrade the property to reposition and lease-up as a single-tenant or a multi-tenant office building or be a redeveloped into an industrial facility in the highly
desirable West I-287 Industrial submarket. The property, which was constructed in 1986 and renovated in 2010, features a three-story atrium, flexible floor plans and ample parking. Situated on five acres, the property is centrally positioned near the region’s most highly trafficked thoroughfares, including Interstates 287 and 95 and Routes 1 and 22, which allow distributors to reach more than one-third of the U.S. population within a one-day drive. The location is also convenient to Port Newark/Elizabeth Marine Terminal, which is approximately 20 miles away, and Newark Liberty International Airport, which is 25 miles away.
The JLL Capital Markets team representing the seller included senior managing director Jose Cruz and directors Marc Duval and Jordan Avanzato.
“This is a great location with access to the highways and a significant labor pool,” Cruz said. “The asset has significant upside both in its current use as well as a potential redevelopment.”
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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 over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About ConnectOne Bancorp, Inc.
ConnectOne Bancorp, Inc., through its subsidiary, ConnectOne Bank offers a full suite of both commercial and consumer banking and lending products and services through its 29 banking offices located in New York and New Jersey. ConnectOne Bancorp, Inc. is traded on the Nasdaq Global Market under the trading symbol "CNOB," and information about ConnectOne may be found at https://www.ConnectOneBank.com.
About Edgewood Properties
Since its founding in 1992, Edgewood Properties has established itself as a leading real estate development and property management company. With corporate headquarters in New Jersey, the company is on a course of growth leading to activities across the nation with many luxury properties already in New Jersey, Florida and California. Edgewood was created by real estate entrepreneurs who own and manage the company and bring hands-on approaches to all the projects they develop, lease and manage. The principals of Edgewood Properties have a proud family tradition of providing home buyers with outstanding quality, superior design and unsurpassed customer service by offering luxury townhomes, apartments, condos and more. Commercial development, retail and office clientele receive the same expertise, the same attention to detail and the same expansive vision that has established Edgewood Properties in the residential market. Visit http://www.edgewoodproperties.com for more information.