News release

Last-mile New York City-area distribution facility sells

JLL Capital Markets closed the sale of the Class A industrial property in Parsippany, New Jersey  

November 03, 2020

MORRISTOWN, N.J., November 3, 2020JLL Capital Markets announced today that it has closed the sale of Crossroads at 100 Jefferson Road, a 558,930-square-foot, last-mile, Class A distribution facility in Parsippany, New Jersey.

JLL worked on behalf of the sellers, Harbor Group International and Turnbridge Equities. JFR Global Investments purchased the asset.

Crossroads at 100 Jefferson Road is situated on 35.9 acres in the Eastern Morris County Industrial submarket at 100 Jefferson Rd. at the intersection of Interstates 287 and 80, two of New Jersey’s most highly traveled thoroughfares and which provide direct access to New York City, Newark Liberty International Airport and Port Newark-Elizabeth. This last-mile location is surrounded by three million residents within a 20-mile radius and is centrally located to provide easy access to the New York City MSA and more than 20 million people.

Originally constructed between 1957 and 1998, the property, which is currently 63.5% leased to PNY Technologies and Vitaquest International, recently underwent a comprehensive multi-million-dollar capital improvement program to create new-to-market Class A industrial warehouse space. The facility, which is split into three independent suites, features clear heights ranging from 19 to 38 feet, 35 loading docks, three drive-in doors, 514 parking stalls and solar panels.

The JLL Capital Markets team representing the seller included Jose Cruz, Jordan Avanzato, Marc Duval Michael Oliver, Kevin O’Hearn and Steve Simonelli.

“We are very pleased with the outcome of this transaction,” Cruz said. “Demand for suburban industrial continues to be very strong, and the remaining lease up of this asset gives the buyer significant upside on which to capitalize.”

The COVID-19 pandemic and the shelter-in-place policies that ensued have accelerated e-commerce growth and the need for warehouse space across the nation. JLL expects e-commerce sales could hit $1.5 trillion by 2025, which would increase the demand for industrial real estate to an additional 1 billion square feet.

E-commerce is expected to lead future leasing in the New Jersey Industrial market specifically. After leasing volume hit its second-highest level since 2008 in 2Q 2020, JLL Research found that, in 3Q 2020, leasing continued to accelerate on the back of the e-commerce industry, which should persist through 2020.

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 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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About JLL

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

About Harbor Group International

Harbor Group International, LLC, including its affiliates, is a private real estate and real estate related investment and management firm which controls a portfolio of worldwide assets valued at $12.5 billion. HGI is headquartered in Norfolk, Virginia with offices in New York, Baltimore, Los Angeles and Tel Aviv. The company’s real estate holdings include 4.9 million square feet of commercial properties and 45,000 apartment units. For additional information, please visit

About Turnbridge Equities

Turnbridge Equities, founded in 2015 by Andrew Joblon, is a privately held, vertically integrated real estate investment and development firm with offices in New York, Los Angeles, Washington, D.C., Miami, and Austin. Turnbridge is an SEC registered investment advisor, Turnbridge RE Fund Management Company I LLC, with assets under management in excess of $1.7 billion. Turnbridge’s full-service platform and extensive relationships enable the company to acquire, develop, reposition, and operate real estate and generate value for its investors and partners. Turnbridge and its principals seek to bring high levels of creativity and thought leadership to drive the results of each of its investments. With a track record of implementing successful investment strategies, Turnbridge has capitalized on emerging trends and monetized value in advance of market shifts. Disclaimer: This does not constitute an offer to sell or a solicitation of an offer to purchase any interests in any Turnbridge projects.