JLL completes sale of Northern New Jersey office building
500 International Drive is located in a designated Foreign Trade Zone in Mount Olive, New Jersey
MORRISTOWN, N.J., December 8, 2020 – JLL Capital Markets announced today that it has closed the sale of 500 International Drive, a 73,000-square-foot office building, and 150 Clark Drive, an adjacent 7,115 square-foot commercial building, in Mount Olive, New Jersey.
JLL marketed the property on behalf of a private seller. The Birch Group, based out of Hudson Valley, New York, purchased the buildings.
500 International Drive, developed in 1987 by The Rockefeller Group, is a three-story, recently renovated office building that is fully leased to 16 tenants in various industries. The asset offers a unique layout that provides tenant flexibility and efficiency, a top floor balcony, bathrooms with showers and a two-story atrium lobby.
Positioned on 8.06 acres, 500 International Drive is part of a larger development known as The International Trade Center, a 684-acre business/commerce center in Western Morris County. This area is designated as a Foreign Trade Zone, which offers companies tax incentives on merchandise imported for manufacturing or assembling when the final product is exported outside of the U.S. Additionally, this location is approximately 30 miles east of Pennsylvania and 40 miles west of New York City with superior connectivity to both areas via the Interstate 80 and Route 206 interchange as well as the Mt. Olive train station.
The JLL Capital Markets team representing the seller included Senior Managing Directors Kevin O’Hearn and Jose Cruz, Senior Vice President Fred Hyatt, Senior Directors Steve Simonelli and Michael Oliver and Associate Nicholas Stefans.
“This sale reflects the continued strong interest for high quality, well-leased suburban office product, even during this challenging pandemic,” stated O’Hearn. “And this is our second sale in two months to The Birch Group who performed exceptionally well and remain one of the most active investors in this market.”
According to The Birch Group’s Mark Meisner, “The Birch Group was attracted to this property due to its location in the Foreign Trade Zone and its location in a very tight 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 sales, 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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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
The Birch Group
The Birch Group is a privately-owned real estate investment firm that specializes in the acquisition, financing, disposition and operation of prime commercial assets across the United States. Based out of the Hudson Valley Region in New York, The Birch Group focuses on the retail, office and industrial sectors. To learn more, please visit: birchgroupllc.com.