Northern New Jersey multi-tenant industrial property trades for $21.2M sale

MORRISTOWN, N.J. June 1, 2023 –  JLL Capital Markets announced today that it has closed the $21.2 million sale of 140 Ethel Rd., a multi-tenant warehouse totalling 108,875 square feet in Piscataway, New Jersey.

JLL represented the seller and procured the buyer.

140 Ethel Rd. is fully occupied by 19 unique tenants spanning various industries including logistics, food and beverage, light fulfilment and warehousing. Key features of the property include a 24-foot clear height along with 24 loading docks, 2 drive-in doors, and 83 parking spaces.

The property is located in Northern New Jersey, within the Exit 10 submarket, the third largest submarket in New Jersey., 140 Ethel is within close proximity to the major tri-state area commuting highways including three miles from Interstate 287 and seven miles from Interstate 95.

The JLL Capital Markets Investment Sales team representing the seller was led by Managing Directors Marc Duval and Jordan Avanzato, Directors Nicholas Stefans and Jason Lundy and Senior Managing Director Jose Cruz.

“This opportunity was extremely well received as investment into multi-tenanted, short-term WALT remains a top-choice asset class for investors,” commented Duval.

“By leveraging the diversified rent roll and committed tenancy with the infill location of the asset, we were able to achieve a successful execution for all parties involved,” added Avanzato.

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.

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