4 Apollo Drive in Whippany — Courtesy: JLL
By Joshua Burd
The site of a fully leased aviation training center in Morris County is on the market for sale, in a newly announced offering by JLL’s New Jersey capital markets team.
Located in the Whippany section of Hanover, the property at 4 Apollo Drive spans 127,144 square feet of industrial, office and training space across 16.8 acres. CAE SimuFlite Inc. occupies the entire building on a net lease guaranteed by CAE Inc., serving as a Northeast hub for pilot, technical and flight crew training to business aircraft operators.
The property is slated to draw offers around $40 million.
In its offering, JLL said 4 Apollo Drive “offers a solid investment opportunity stabilized by credit tenancy,” with a location near interstates 287 and 80 and access to other major highways. It’s also four miles from Morristown Airport and 25 miles from Teterboro Airport.
The facility, which was built in 2006 and subsequently expanded and renovated, has seven drive-in roll-up doors and ceiling heights up to more than 38 feet, JLL said. It also has surface parking for 312 vehicles.
JLL’s Jose Cruz, Marc Duval, Jordan Avanzato, Nicholas Stefans and Peter Kim are leading the assignment alongside Max Custer from the firm’s debt and equity placement team.
