JLL has brokered the sale of an 11-building, 893,625-square-foot industrial portfolio located between New Jersey Turnpike exits 2 and 14. — Courtesy: JLL
By Joshua Burd
EQT Real Estate has acquired nearly 894,000 square feet of industrial space across 11 properties along the New Jersey Turnpike, in a newly announced deal by JLL.
According to the listing team, which represented an institutional seller, the fully leased portfolio stretches from exits 2 to 14 and provides exposure to the dense population centers of Philadelphia and New York City. It also gave EQT what the brokers described as an “opportunity to acquire a critical mass of infill industrial product.”
JLL Senior Managing Director John Plower, Senior Director Ryan Cottone and managing directors Nicholas Stefans and Jason Lundy completed the deal. The team added that the buildings, which total 893,625 square feet, have four years of average remaining lease term and in-place rents “with dramatic mark-to-market potential, offering stable cash flow with the opportunity for an investor to add significant value.”
Terms were not disclosed.
