Distribution facility trade shows booming demand for Newark industrial assets
JLL Capital Markets completed the sale of the single-tenant industrial asset within the low-vacancy Port submarket
MORRISTOWN, N.J., Feb. 1, 2022 – JLL Capital Markets announced today that it has closed the sale of a 131,205-square-foot single-tenant industrial warehouse and distribution facility at 241 Oraton St. in Newark, New Jersey.
Jewels Transportation, Inc., a third-party logistics company, has called 241 Oraton St. home for more than 25 years and has shown its continued commitment to the property with a new, long-term lease. The two-building property features clear heights ranging from 25 to 28 feet, new roof, nine loading docks, two drive-in doors, deep truck court and 9,789 square feet of office space.
The property occupies five acres in a strategic logistics location in Newark. 241 Oraton St. is along Route 21, which provides connectivity to a host of area transportation thoroughfares, including Interstates 95, 280 and 78, and, by extension, the vital infrastructure the tenant requires. The Holland Tunnel and the Port of Newark are both eight miles away, with Newark Liberty International Airport only a six-mile journey from the property. Within an hour’s drive, the tenant can reach all of Northern New Jersey, Southern New Jersey, Manhattan, Staten Island and Queens.
Located within the Port Industrial submarket, a highly sought-after infill logistics location, 241 Oraton St. is positioned for last-mile distribution. According to JLL Research’s New Jersey Industrial Insight report for the fourth quarter of 2021, the vacancy rates for the submarket are at a low 1 percent, lower than the average New Jersey market vacancy rate of 1.3 percent. The property is also within the highly sought-after Route 21 Corridor, a favorite among occupiers and investors for its connectivity.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Director Jordan Avanzato, Managing Director Marc Duval, Senior Managing Director Jose Cruz, Director Nick Stefans and Analyst Josh Stein.
“241 Oraton provided an opportunity to capture a highly adaptable, last-mile facility in one of the most coveted gateway industrial submarkets in the U.S.,” Avanzato said. “Additionally, we have seen continued demand along the Route 21 Corridor, as it has attracted a flood of institutional capital over the last 12 months. The connectivity of the Port submarket, as well as access to highly affluent and dense population, continues to fuel this market.”
“This latest acquisition represents a rare opportunity to invest in a well-located asset with excellent connectivity,” said Chairman of Thor Equities Group, Joe Sitt. “The Northern New Jersey industrial market has performed especially well, and we continue to see great opportunity in the logistics sector in the US and abroad. In recent months we have entered the Atlanta, Chicago, Philadelphia and Dallas markets and look forward to building on that momentum in 2022.”
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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 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 in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Thor Equities Group
Thor Equities is a leader in the development, leasing and management of office, industrial, laboratory, residential, hotel and mixed-use assets in premier urban locations worldwide. The company operates in major cities around the globe and has a property portfolio totaling $20 billion with a development pipeline in excess of 50 million square feet. Thor has a strong presence on three continents and in addition to its US holdings, the company has assets in European gateway cities including London, Paris, Madrid, and Milan, and is the largest developer in Mexico through its Latin American division with a development pipeline of over 18 million square feet. Thor maximizes returns for institutional investors by recognizing a property’s potential, reducing operating expenses, increasing tenant satisfaction, leveraging market trends to maintain a long-term competitive edge. For more information, visit thorequities.com.