Last-mile land sale zoned for industrial attracts strong buyer interest
JLL Capital Markets led sales efforts for 3-acre site in the Meadowlands industrial market
MORRISTOWN, N.J. – May 25, 2021 – JLL Capital Markets announced today that it closed the sale of a three-acre land parcel zoned for industrial usage in Carlstadt, New Jersey.
JLL marketed the property on behalf of the seller and procured the buyer.
The site is directly off Paterson Plank Rd. and Route 17 in the Meadowlands industrial submarket, which has been one of the strongest submarkets in the state. This location is in close proximity to the Meadowlands Sports Complex, American Dream, and major transportation routes, including Route 3 and Interstate 95 (New Jersey Turnpike) providing tremendous accessibility and regional connectivity.
The JLL team representing the seller was led by Senior Managing Director Jose Cruz, Jordan Avanzato, Marc Duval and Nick Stefans.
“We saw tremendous investor interest for the site given the scarcity of developable industrial land in the Meadowlands market and the fact that this site is ideally positioned to serve as a last-mile distribution facility,” Avanzato 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 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.