News release

JV equity arranged for a proposed Class A industrial warehouse in Morris County

JLL Capital Markets arranged the JV Equity for a proposed Class A industrial facility in Morris County with Cervenka Development Partners and Monocle Group

October 19, 2023

Alli Semans

Hotels & Hospitality and Capital Markets PR
+1 330 329 6750

MORRISTOWN, Oct. 19, 2023 –  JLL Capital Markets announced today that it arranged joint venture equity for 12-18 Vanderhoof, a proposed industrial facility totalling 119,250 square feet in Denville, Morris County, New Jersey.

JLL operated on behalf of the new development sponsor, Cervenka Development Partners, to arrange the joint venture equity partnership with a global investment manager, Monocle Group.

The proposed industrial building is set on approximately 19 acres. The Class A building will feature a 36-foot clear height, 18 loading bays, one drive-in door, 52 car parks and 13 trailer parks.

12-18 Vanderhoof Ave. is strategically located to provide its tenants direct access to Interstate 80 E&W (Exit 37) within a three-minute drive time.  Interstates 280, 287 and 95 are conveniently close providing access to 10M people within a 30-minute drive time and 20M people within an hour.  The site is located 34 miles northwest of New York City, benefiting from superior access to Northern New Jersey, Westchester County, Fairfield County and the outer boroughs of New York City. The robust population density and highway system in the area provides access to one-third of the North American population, equivalent to over 130 million consumers, within one day’s drive time.

“We couldn’t have asked for a better team to execute this acquisition. The Town of Denville and Mayor Andes have been incredible to work with, while our JLL Capital Markets team brought an amazing equity partner to the table with the Monocle Group. We look forward to continued success with our strategic partners, not only on our Vanderhoof development but with many more in the future,” said Tom Cervenka, Principal of CDP.

“What started as a 19-acre vacant parcel of property the Township acquired through tax sale nearly 40 years ago, the Township and its professionals worked collaboratively with Cervenka Development Partners to create a plan that provides so much benefit to our community. This project truly represents smart growth and is a win-win for everyone involved, including the citizens of Denville. In my 12 years as Mayor, we have continuously strived to increase the strength of our financial position through conservative budgetary policies. This project and our partnership with CDP and Monocle Group is an integral part of a 5-year plan to be one of only a handful of municipalities in the State of New Jersey that are completely debt free,” said Mayor Thomas W. Andes.

“We are thrilled to have been introduced to Tom and Sasha through our relationship with the JLL Capital Markets team. CDP was able to secure this site at a cost basis that will enable us to achieve an above market return on the deal.  CDP has brought this project to the cusp of Site Plan Approval and we cannot wait to carry this through to completion together,” says Eric Benitez, Principal of the Monocle Group.

The JLL Capital Markets Investment Sales team was led by Managing Director Marc Duval, Director Jason Lundy, Managing Director Jordan Avanzato, Director Nicholas Stefans and Senior Managing Director Jose Cruz.  Joel Lubin and his team will be handling the leasing for the project.

“JLL was able to bring several investors to the table despite a period of volatility in the capital markets environment and that speaks greatly to the strategic sponsor, Cervenka Development Partners,” commented Duval. 

“Investors were attracted to the opportunity given CDP’s diligent and forward approach as well as the strong industrial fundamentals in Morris County,” added Lundy.

The effort to raise equity for the new JV is part of JLL’s continued focus in the space helping experienced developers with new firms as well as operators in a time of illiquidity.

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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

About Cervenka Development Partners

Cervenka Development Partners is a woman-owned business that focuses on commercial real estate development, value-add projects and comprehensive real estate consulting services.  Our primary goals are to identify and acquire suitable land for development, navigate the entitlement process efficiently, construct high-quality buildings and create sustainable spaces for our tenants.  Above all, we ensure exceptional and predictable outcomes by partnering with best-in-class firms and most importantly, delivering excellent returns to our investors.  For further information, visit


About the Monocle Group

Monocle Group is a private equity real estate firm that buys, finances, develops, and operates medium-to-large sized properties that can predictably generate steady fixed-income returns. Since 2011, it has consistently participated in deals with gross value of over USD 1billion through the acquisition and disposition of these assets.  The group consists of two divisions, Monocle Investments and Monocle Capital, that are dedicated to generating asset appreciation and passive income for its investors from real estate assets across the United States.  For further information, visit


About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit