Last-mile distribution facility in Northern New Jersey sells
JLL Capital Markets arranged the sale of a 50,400-SF facility in Branchburg, N.J.
MORRISTOWN, N.J, June 15, 2021 – JLL Capital Markets announced today that it has closed the sale of a 50,400-square-foot last-mile distribution facility fully leased to a multinational investment-grade tenant in Branchburg, New Jersey.
The facility is situated on 3.49 acres at 161 Meister Ave., less than one mile from State Route 22, the region’s main commercial thoroughfare. The property is also minutes from Interstates 78 and 287, two of the New York metro area’s largest and most heavily trafficked highways. Additionally, 161 Meister Ave. is situated in what is known as New Jersey’s “wealth belt” due to median household incomes more than two times the national average.
The tenant has occupied 161 Meister Ave. since it was constructed in 1988 and uses it as a last-mile delivery center that serves Somerset County and the wealthy regional community. The tenant, which has an unrivaled logistics network that sorts and processes more than 17 million shipments per day, recently executed a long-term lease extension, showcasing the property’s strategic position to serve the booming industry. The building features a 22-foot clear height, five drive-in doors, and recently saw capital improvements including new offices, all new LED lighting and replacement of all HVAC systems.
The JLL Capital Markets team representing the sellers was led by Marc Duval, Jordan Avanzato, Mike Oliver, Jose Cruz and Mike Kavanagh.
“This is the most active and robust industrial market that we have seen all cycle,” Duval said. “Investors continue to pursue opportunities in the industrial space, and existing operators are rapidly ramping up their platforms.”
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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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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Elberon Development Group
Elberon Development Group, a third-generation family business, has been developing, constructing, owning, and managing commercial real estate for over a century. Founded by David O. Evans in 1920, the company began as a general contractor and has evolved into a full-service commercial real estate company.
Elberon Development Group owns and manages a portfolio of approximately 2.5 million square feet, much of which consists of warehouse space in Elizabeth, New Jersey, within a two-mile radius of the Ports of Elizabeth and Newark and Newark International Airport.
About The Avidan Group
The Avidan Group is a family owned and operated Real Estate Company with deep roots in Northern New Jersey that has been doing business for over 50 years. Avidan, through its affiliates and subsidiaries, owns and manages warehouse and distribution facilities that serve major population centers in New Jersey, Maryland, Tennessee and Florida.
About NorthBridge Partners
NorthBridge Partners acquires, modernizes and develops small-to-mid-sized final mile industrial real estate assets located near population centers on the East Coast.