Page 10 - RE-NJ #80 Nov.2023

8 WINTER 2023
EAST HANOVER INDUSTRIAL PORTFOLIO FETCHES $218 MILLION
and 151 Ridgedale Ave. JLL also procured the buyer, an investment fund managed by Morgan Stanley Real Estate Investing, and its operator and manager, Summit- based Saxum Real Estate.
Jose Cruz, Marc Duval, Jordan Avanzato, Nick Stefans, Jason Lundy and Austin Pierce led the JLL team on the $217.5 million deal.
“This was a remarkable transaction for both the seller and the buyer,” said Cruz, a senior managing director with JLL. “The experience and financial wherewithal,
collectively, was instrumental to getting a deal of this size done in the current environment.”
In a news release, JLL said the portfolio is fully leased
Urban Edge Properties has sold a seven-building, 1.22 million-square- foot light industrial portfolio in East Hanover for nearly $218 million, brokers with JLL announced.
The investment sales team, which
touted the deal as New Jersey’s largest industrial trade of the year, represented Urban Edge in the transaction just north of Route 10, with buildings including 901, 903, 904, 905, 906 and 601 Murray Road
Jose Cruz
to 13 tenants, with key
asset features including an average clear height of 21 feet and 945 total parking spaces. the Morris
JLL has brokered the sale of a seven-building, 1.22 million-square-foot light industrial portfolio at 901, 903, 904, 905, 906 and 601 Murray Road and 151 Ridgedale Ave. in East Hanover.
RELATED PLANS 750 RENTALS AFTER JERSEY CITY LAND DEAL WITH VERIS
Veris Residential Inc. has completed its sale of a Jersey City development site to Related Cos., whose plans for the parcel call for 750 apartments one block from the Hudson waterfront.
The property, commonly known as Harborside 4, spans 1.34 acres within the mixed-use Harborside complex. The site at 20 Christopher Columbus Drive traded for $58 million and is now slated to become a luxury high- rise that would mark Related’s first project in New Jersey.
Veris Residential, which was known as Mack-Cali Realty Corp. until 2021, has moved in recent years to trim
its portfolio and raise cash while exiting the office sector to become
a full-fledged apartment owner. It announced in late July that it was under contract to sell Harborside
4 and closed on the deal in early October, as it reported in its quarterly earnings release.
“The third quarter marked another period of positive results, a testament to our Class A multifamily portfolio,
leading operational platform and continued execution of non-core asset sales,” Veris Residential CEO
The firm added that
County industrial submarket is
the fourth largest in northern New Jersey, representing more than 33.4 million square feet.
“This portfolio, which was heavily competed for,
demonstrates
the available
capital for
industrial assets
despite the
challenges that
the market is experiencing,”
said Duval, a
managing director with JLL.
Mahbod Nia
Mahbod Nia said. “Our recent transaction closings, despite a deteriorating transaction market backdrop, provided us
with valuable
liquidity and the ability to repay our transitional loan facilities in just three months.”
Harborside 4 was once slated for a 1.2 million-square-foot office tower, which Mack-Cali announced in fall 2016 as part of a planned partnership with SJP Properties. Instead, it
will become part of Jersey City’s still-booming multifamily pipeline, boasting a location that is steps from PATH, Hudson-Bergen Light Rail, bus and NY Waterway ferry service.
It’s also less than a mile from the Holland Tunnel.
Marc Duval
THE BRIEFING
Courtesy: JLL
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