48 Spruce St. in Oakland — Courtesy: JLL
By Joshua Burd
A private investor has acquired a nearly 41,000-square-foot light industrial building in Oakland, brokers with JLL announced Tuesday.
In a news release, the real estate services firm said it represented North Jersey Development Group in the sale of the property at 48 Spruce St. The 40,781-square-foot building, which sits on about two acres, traded for an undisclosed price.
“We have continued to see strong investor appetite for industrial product not only from institutional groups but also private equity that want a diversified portfolio,” said Marc Duval, a director with JLL, who marketed the property alongside Senior Managing Director Jose Cruz and Director Jordan Avanzato.
JLL touted the property’s location directly off Route 202 and proximity to Interstate 287. Renovated in 2001, the building features 20-foot clear heights, two dock-high and two drive-in doors and 40-foot-by-32-foot column spacing.
The building also includes 30 percent office space, JLL said.