500 International Drive in Mount Olive — Courtesy: JLL
By Joshua Burd
An investment firm has expanded its New Jersey holdings with the acquisition of a 73,000-square-foot office building in Mount Olive, according to brokers with JLL.
Representing the private seller, JLL announced Tuesday that it has closed the sale of 500 International Drive to The Birch Group of Hudson Valley, New York. The deal also includes 150 Clark Drive, an adjacent 7,115-square-foot commercial building.
Terms were not disclosed.
“This sale reflects the continued strong interest for high quality, well-leased suburban office product, even during this challenging pandemic,” said Kevin O’Hearn, a member of JLL’s New Jersey capital markets team. “And this is our second sale in two months to The Birch Group who performed exceptionally well and remain one of the most active investors in this market.”
O’Hearn, a senior managing director with JLL, brokered the deal alongside Senior Managing Director Jose Cruz, Senior Vice President Fred Hyatt, senior directors Steve Simonelli and Michael Oliver and Associate Nicholas Stefans. The firm noted that 500 International Drive, developed in 1987 by The Rockefeller Group, is a three-story, recently renovated building that is fully leased to 16 tenants in various industries.
The property is part of a larger development known as the International Trade Center, a 684-acre business and commerce center in western Morris County, according to a news release. The area is designated as a Foreign Trade Zone, which offers companies tax incentives on merchandise imported for manufacturing or assembling when the final product is exported outside the U.S.
Additionally, JLL noted that the location is some 30 miles east of Pennsylvania and 40 miles west of New York City, with connectivity to both areas via the Interstate 80 and Route 206 interchange as well as the Mount Olive train station.
“The Birch Group was attracted to this property due to its location in the Foreign Trade Zone and its location in a very tight submarket,” said Mark Meisner of The Birch Group, whose firm recently acquired 180 Park Ave. in Florham Park alongside Vision Properties, in a deal also brokered by JLL.