New York-area light industrial building sells

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.

JLL marketed the property on behalf of the seller, Palmer Terrace Realty Associates. Legacy Capital purchased the asset.

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.

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