By Joshua Burd
Devli Real Estate has assembled 34 acres of industrial property in Wallington, creating a rare large tract of developable land in and around the Meadowlands submarket.
The firm on Monday announced that it has acquired 26.6 acres at 520 Main Ave., an unoccupied industrial site four miles from interstates 80 and 95. The parcel is adjacent to a seven-acre property that Devli also owns, creating additional scale for a potential warehouse development, although the company said it was too soon to say how much space it could build.
JLL Senior Managing Director Jose Cruz, Managing Director Marc Duval, Senior Director Jordan Avanzato, directors Nick Stefans and Ryan Robertson and Analyst Jason Lundy represented the seller, Doka USA Limited, and procured the buyer.
In announcing the deal, Devli noted that 520 Main Ave. is 10 miles from Manhattan and minutes from Newark Liberty International Airport and Port Newark-Elizabeth. Additionally, it said, the Meadowlands submarket has the highest industrial rents in New Jersey, thanks in part to a population of millions within a 10-mile radius of the site.
