Sale of flight training facility closes in New Jersey

MORRISTOWN, N.J., Oct. 2, 2023 –  JLL Capital Markets announced today that it arranged the sale of 4 Apollo Drive, a flight training facility totalling 127,144 square feet in Whippany, New Jersey.

JLL represented the seller, an affiliate of LXP Industrial Trust, and procured the confidential buyer, for an undisclosed price.

The property was originally built in 2006, expanded in 2008 and renovated in 2020. The single tenant facility sits on a 16.8-acre-parcel with 312 parking spaces, seven drive-in doors and over 38-foot clear heights.  4 Apollo Drive is easily accessed off I-287 and Route 80, two expansive highways in New Jersey.

“Northern New Jersey remains to be one of the most sought-after markets in the country due to the resilient work force and consistent tenancy, especially with respect to buildings that have specialty use or unique infrastructure. In spite of the current volatility in the debt markets, 4 Apollo was attractive to both buyers and the lending community due to the long-term lease providing a stable investment opportunity,” stated Stefans.

The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Directors Jose Cruz and Jeremy Neuer, Managing Director Marc Duval and Jordan Avanzato, Directors Nicolas Stefans and Jason Lundy and Analyst Peter Kim.

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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