18-01 Pollitt Drive in Fair Lawn — Courtesy: JLL
By Joshua Burd
The owner of a light industrial building in Fair Lawn is looking to sell the nearly 150,000-square-foot property, in a new offering by JLL’s New Jersey capital markets team.
According to the brokers involved, 18-01 Pollitt Drive will be 88 percent occupied as of August 2022 and has an average in-place rent that is roughly 25 percent below market for warehouse users and 30 percent below market for medical users. The 145,195-square-foot complex is projected to sell for around $30 million, thanks in part to its location in a supply-constrained submarket with access to more than 130 million consumers.
“The property benefits from credit tenants offering a mix of steady cash flow and value add potential,” JLL wrote in a recent offering announcement, later adding: “The convenient location of the asset near the market’s major roadways including Interstate 80, Route 17, Route 4 and Route 208 providing direct access to the remainder of the northern New Jersey market. The abundance of transportation routes within the property’s immediate vicinity offers access to the MSA’s large consumer base.”
The firm noted that 18-01 Pollitt Drive sits on 9.4 acres, featuring eight loading docks, clear ceiling heights of up to 22 feet, six inches and a roof that was replaced in 2020. It added that industrial vacancy in Bergen County is 2.5 percent, while rents in New Jersey have grown 40 percent year over year.
JLL’s Jose Cruz, Nicholas Stefans, Marc Duval, Jason Lundy and Jordan Avanzato are leading the assignment, working alongside Thomas Didio of the firm’s debt placement team.
