By Joshua Burd
Devli Real Estate has purchased a 175,000-square-foot industrial building in East Rutherford, marking the latest addition to its portfolio in northern New Jersey.
The Wallington-based firm said it acquired 2 Carlton Ave. as part of a short-term sale-leaseback. It noted that the property spans six acres, touting its infill location and proximity to routes 3, 21 and 17 and the New Jersey Turnpike.
Terms were not disclosed.
“This acquisition gives us an exceptionally located property in the heart of the Meadowlands market which has become one of the most important industrial submarkets in the country,” Devli Chief Operating Officer Christopher Devli said. The purchase of 2 Carlton Avenue deepens our presence in the Meadowlands market and continues our momentum of acquiring well-located sites in northern New Jersey.”
Yanni Marmarou of B6 Real Estate Advisors brokered the transaction, while Michael Klein and Max Custer of JLL sourced financing with Michael Cook at First Bank.
“JLL is pleased to have assisted Devli Real Estate in sourcing acquisition financing for 2 Carlton Avenue,” Custer said. “We were happy to introduce a new lending relationship that was able to accommodate an expedited process and ensure a closing prior to year-end.”