2 Palmer Terrace in Carlstadt — Courtesy: JLL
By Joshua Burd
The owner of a 60,400-square-foot light industrial building in the Meadowlands is seeking a buyer, in a newly announced offering by JLL’s New Jersey team.
The property, located at 2 Palmer Terrace in Carlstadt, sits on nearly three acres just minutes from Route 3 and the New Jersey Turnpike. JLL noted that the complex, currently home to an indoor soccer facility, is located within a submarket that boasts the state’s highest industrial rents and is five miles from New York City.
The property is expected to draw bids around $13 million.
“Two Palmer’s location allows it to reach 20 million people residing within a 20-mile radius of the property,” JLL wrote in its marketing announcement. “The offering presents a rare opportunity to acquire a true last-mile industrial facility in one of the most coveted infill, gateway industrial submarkets in the U.S.”
The brokerage team added that Two Palmer is column-free and was last renovated in 2014, with clear heights ranging from 17 to 39 feet. The building has 91 parking spaces and four 16-foot-by-16-foot drive-in bays.
JLL’s Jose Cruz, Jordan Avanzato, Marc Duval, Rob Kossar and Mark Belenky are leading the marketing team, with Michael Palmieri and Dean Brody listed as leasing contacts and Matthew Pizzolato listed as the financing contact.
