2 Palmer Terrace in Carlstadt — Courtesy: JLL
By Joshua Burd
An investment group has sold a 60,400-square-foot light industrial building in Carlstadt, under a newly announced transaction by JLL.
In a news release, the brokerage team said the property at 2 Palmer Terrace is home to a single tenant and serves as a last-mile distribution facility. The seller, Palmer Terrace Realty Associates, reaped an undisclosed sum from the sale to Legacy Capital.
“This specific offering provided a rare opportunity to capture a highly adaptable last-mile facility in one of the most coveted gateway industrial submarkets in the U.S.,” said Jordan Avanzato, a director with JLL. “Going forward, we will continue to see a strong tailwind behind e-commerce as the surge of demand for last-mile facilities continues to increase in supply constrained markets.”
Avanzato represented the seller alongside Senior Managing Director Jose Cruz, Senior Director Marc Duval and Associate Mark Belenky. They noted that the property, which sits on three acres, is five miles from New York City and less than one mile from the New Jersey Turnpike, providing direct access to more than 130 million consumers within a one-day drive time.
The site is also a short drive from Newark Liberty International Airport and Port Newark-Elizabeth. Originally built in 1977, the column-free building features clear heights ranging from seven to 39 feet, along with four oversized drive-in bay doors that can accommodate indoor fleet parking.