AT A GLANCE
Morristown, NJ
Year founded: 1999
Number of brokerage and support professionals in New Jersey: 47
Areas of expertise in real estate: Investment Sales, Debt and Equity Placement
TRANSACTION SPOTLIGHT
2000 Galloping Hill Road, Kenilworth, NJ
JLL represented Merck & Co. in the disposition of its headquarters location at 2000 Galloping Hill Road in Kenilworth, NJ. Situated on 108 acres just off the Garden State Parkway, the headquarters campus consists of nearly 2 million square feet of office and life science/lab space, as well as two parking decks and a central utility plant. JLL helped structure the short-term leaseback as well as assisted the buyer with acquisition financing. JLL was also retained by the buyer, a joint venture of Onyx Equities and Machine Investment Group, to help reposition and lease the property once repositioned as a state-of-the-art life science campus.
Edge Lofts (1405 Clinton and 1405 Adams St, Hoboken, NJ)
JLL represented Bijou Properties in the sale of Edge Lofts, two ultra-luxury apartments buildings totaling 69 units located on Clinton and Adams Streets in northwest Hoboken. The transaction represented the highest per-unit purchase price in New Jersey history. The Properties were purchased free and clear of existing debt. Edge Lofts sits in the heart of the dynamic northwest section of Hoboken, which offers commuters access into Manhattan via the Hoboken PATH Station, 14th Street Ferry Terminal and the NJ Transit bus line. JLL also worked on behalf of the buyer to secure acquisition financing.
Canterly Place (Okner Parkway, Livingston, NJ)
JLL secured $126.60 million of joint venture equity and construction financing for development of Canterly Place, a 300-unit luxury multifamily project in Livingston. With a project cost of $135 million, Canterly Place will be one of the highest-quality suburban apartment communities in suburban New Jersey. JLL’s debt team worked on behalf of Okner Developers LLC to place $38 million of joint venture equity and $88.6 million construction/perm loan with a life insurance company.
Bridge Point 15E (17 Blanchard Street, Newark, NJ)
JLL arranged $64.3 million of construction financing for Bridge Point 15E, a to-be-constructed, Class A, industrial property encompassing 211,388 square feet in Newark, NJ. Bridge Point 15E is located less than a half-mile from Exit 15E of the New Jersey Turnpike and under three miles from Newark Liberty International Airport and New Jersey Port facilities. JLL worked on behalf of the borrower, Bridge Industrial LLC, to secure the 3-year construction loan through an affiliate of Heitman LLC, a global real estate investment management firm. JLL’s Capital Markets team also sold the site to Bridge Industrial, LLC.
