New York-area light industrial building sells
JLL Capital Markets arranged the sale of the single-tenant property to Legacy Capital
MORRISTOWN, N.J., April 20, 2021 – JLL Capital Markets announced today that it has closed the sale of a 60,400-square-foot, single-tenant, last-mile distribution facility at 2 Palmer Terrace in Carlstadt, New Jersey, in the heart of the infill Meadowlands Industrial market.
Situated on three acres, 2 Palmer Terrace is only five miles from New York City and less than one mile from the New Jersey Turnpike (Interstate 95), providing direct access to one-third of the North American population – over 130 million consumers – within a one-day drive time. Additionally, the property is proximate to Newark International Airport, a major cargo hub, and Port Elizabeth-Newark, the principal ship facility for the New York metropolitan area.
Originally constructed in 1977, the column-free building features some of the best clear heights in the Meadowlands, which range from 7 to 39 feet, along with four oversized drive-in bay doors that can accommodate indoor fleet parking.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Jose Cruz, Director Jordan Avanzato, Senior Director Marc Duval and Associate Mark Belenky.
“This specific offering provided a rare opportunity to capture a highly adaptable last-mile facility in one of the most coveted gateway industrial submarkets in the U.S.,” Avanzato said. “Going forward, we will continue to see a strong tailwind behind e-commerce as the surge of demand for last-mile facilities continues to increase in supply constrained markets.”
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.
For more news, videos and research resources on JLL, please visit our newsroom.
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, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Palmer Terrace Realty Associates
Palmer Terrace Realty (“PTR”) owned the asset since 2001. PTR was a joint-venture investment vehicle between Mitchell Marcus family interests and Monmouth REIT (stock symbol: MNR).
About Legacy Capital
Legacy Capital is a real estate investment and asset management company which focuses on core and value-add investments in all major real estate asset classes. legacycapllc.com