JLL closes sale of Bergen County industrial building
The light industrial building is fully leased
MORRISTOWN, N.J., September 24, 2019 – JLL announces that it has closed the sale of a fully leased, 40,781-square-foot light industrial building in the Bergen County community of Oakland, New Jersey.
JLL marketed the property on behalf of the seller, North Jersey Development Group. A private investor purchased the asset.
Situated on 2.03 acres at 48 Spruce Street, the building is in the Northwest Bergen Industrial submarket directly off Route 202 and approximately one mile from Interstate 287. Additional regional connectivity is provided by the building’s proximity to Interstate 87 and Routes 208 and 17. Renovated in 2001, the building features 20-foot clear heights, two dock-high and two drive-in doors and 40- by 32-foot column spacing. Additionally, the property boasts a 30% office finish with flexible floorplans.
The JLL Capital Markets team representing the seller included Senior Managing Director Jose Cruz and Directors Marc Duval and Jordan Avanzato.
“We have continued to see strong investor appetite for industrial product not only from institutional groups but also private equity that want a diversified portfolio,” Duval said.
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 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 North Jersey Development Group
Dan Cohen and Louis Antonucci founded North Jersey Development Group (NJDG) in 1986, following a 20-year family history in the real estate business. During the past two decades, the company has established itself as one of the most respected developers, managers and owners of real estate in the northern New Jersey market.
NJDG has been involved in the development and management of more than 1.5 million square feet of property, with many buildings still among the firm's portfolio highlights for more than 20 years. The company's principals take pride in the ongoing success of their properties and the many long-term relationships that stem from their personal involvement, dedication to quality and flexible approach to doing business. Visit njdev.com for more information.