501 Jersey Ave. in New Brunswick — Courtesy: JLL
By Joshua Burd
Two industrial buildings in Middlesex County have hit the market for sale, with the potential to trade for a combined price of around $170 million.
The offering, which is being marketed by JLL, includes a newly built, vacant 204,000-square-foot building shell at 501 Jersey Ave. in New Brunswick. Delivered earlier this year, the facility sits on just over nine acres and has 20 dock doors, two drive-ins, 36-foot clear ceiling heights and 138 parking spaces, boasting a location that is minutes from the New Jersey Turnpike, Route 1 and several other area highways.
“Based on the superior location and dynamic usability, the property represents an exceptional opportunity to acquire a rare, vacant, newly constructed infill distribution building in the tightest market in the country,” JLL wrote in its offering materials.
The investment sales team is simultaneously marketing a single-tenant, 370,000-square-foot warehouse some two miles away, at 1735 Jersey Ave. in North Brunswick, which an owner-occupier aims to sell and lease back for 10 years, according to JLL. The facility, built in 1962, sits on 17.08 acres and has 20 dock doors, clear heights of 25 feet, rail access and excess parking with truck maneuverability.
Other nearby highways include Interstate 287, Route 27 and Route 130, providing direct access to the greater Northeast. Notably, JLL said, rental rates in the Exit 9 submarket have risen 7 percent recently to $16 per square foot, thanks to continued demand from tenants.
The JLL marketing team on the assignments includes Marc Duval, Jordan Avanzato, Nicholas Stefans, Jose Cruz, John Huguenard and Pranav Patel, along with Max Custer from the firm’s debt and equity group. The company also lists JLL’s Joel Lubin as a leasing broker for the North Brunswick property.