New York light industrial portfolio sold for $53.5M
JLL Capital Markets arranged the sale of the portfolio along with a development site in the supply constrained Rockland County Industrial submarket
NEW YORK, April 19, 2021 – JLL Capital Markets announced today that it has closed the $53.5 million sale of a fully leased, three-building, value-add light industrial portfolio totaling 260,755 square feet along with an adjacent 23-acre development parcel in the Rockland County community of Valley Cottage, New York.
The portfolio is situated at 616 and 618 Corporate Way and 711 Executive Blvd. in Valley Cottage, which is approximately 30 miles north of Midtown Manhattan. The properties and land site are situated just off Route 303 and proximate to U.S. Route 9W, Interstate 287 and the Mario M. Cuomo Bridge, which serves as one of the most important corridors for commerce in the Northeast. Additionally, the assets are in the Northern New Jersey Industrial market, one of the fastest-growing regions in the country, and within the supply constrained Rockland County Industrial submarket.
The properties are fully leased to 24 tenants and feature a flexible light industrial configuration, clear heights ranging from 20 to 36 feet, 18 dock doors, 22 drive-in doors and 28 percent office finish. The portfolio includes 23 acres of land for a future industrial development.
The JLL Capital Markets team representing the sellers was led by Senior Managing Director Jose Cruz, Senior Director Marc Duval, Director Jordan Avanzato and Associate Ryan Robertson, along with Senior Managing Director Andrew Scandalios.
“Demand for industrial product today continues to run at an all-time high and is further evidenced by the depth of the buyer pool for these buildings,” Cruz said. “We are seeing it in every industrial sale offering our team markets. Also, investors were heavily focused on the development potential of the land parcel.”
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 Lincoln Equities Group
Lincoln Equities Group owns, operates, develops and manages commercial and residential properties throughout the tri-state area and Europe for its own account and for third-party owners.
PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $12.7 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta and Los Angeles, PCCP has a 22-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $25.2 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at pccpllc.com.