JLL is marketing a seven-building, 1.22 million-square-foot industrial portfolio at 901, 903, 904, 905, 906 and 601 Murray Road and 151 Ridgedale Ave. in East Hanover — Courtesy: JLL
By Joshua Burd
The owner of more than 1.2 million square feet of industrial space in East Hanover is seeking a buyer for the seven-building portfolio, according to brokers with JLL.
Located just north of Route 10, the offering includes facilities at 901, 903, 904, 905, 906 and 601 Murray Road, along with 151 Ridgedale Ave. The portfolio is 100 percent occupied by 13 tenants, JLL said, adding to the appeal for what it touted as a “generational opportunity to acquire a critical mass of institutionally maintained quality product of such size and scale.”
Notably, the buildings have rents that are roughly 86 percent below market and a weighted average lease term of 4.24 years, JLL said. The structures, which span nearly 1.22 million square feet, range from 88,222 to 263,523 square feet.
“The offering presents potential investors the opportunity to acquire a shallow-bay logistics portfolio located in the high-barrier-to-entry and supply-constrained market of northern New Jersey,” the team wrote in its offering materials, adding that the tenant roster comes from a diverse mix of industries such as paper and packaging materials, technological repairs and third-party logistics.
JLL’s Jose Cruz, Marc Duval, Jordan Avanzato, Nicholas Stefans, Jason Lundy and Austin Pierce are leading the assignment, with Matthew Pizzolato and Scott Aiese available for debt advisory. The offering follows strong leasing activity in recent years by the portfolio’s owner, Urban Edge Properties, including more than 286,000 square feet in commitments earlier this year by Best Way Trucking and Decker Tape Products Inc.
Additionally, JLL touted the potential to create value through trailer parking and rooftop solar, while the portfolio benefits from its proximity to an affluent consumer base with a strong labor pool and a host of business and retail offerings nearby. The site is minutes from major thoroughfares such as interstates 80, 280 and 78, among others.
Urban Edge leases 286,000 sq. ft. at East Hanover industrial park
