241 Oraton St. in Newark — Courtesy: JLL
By Joshua Burd
The owner of a two-building, 131,000-square-foot industrial complex in Newark is seeking a buyer for the property, in a newly announced offering by JLL.
Brokers say the single-tenant facility, located at 241 Oraton St., has been home to Jewels Transportation for more than 25 years. It will remain so through at least 2031 as a result of a recently completed, triple-net lease by the third-party logistics company, which benefits from the site’s location just west of Route 21 and eight miles from Port Newark-Elizabeth.
It all adds up to what JLL says is “a rare opportunity to acquire long-term cash flow in an unparalleled location with direct access to the region’s major transit hubs.” The property is projected to draw offers around $30 million.
The brokerage team, which is based in Morristown, said 241 Oraton consists of two buildings totaling 131,000 square feet and a truck court of roughly 67,500 square feet. The main building is around 127,000 square feet, including 5,700 square feet of office space, 2,900 square feet of mezzanine space, nine loading docks and four drive-in doors, with ceiling heights ranging from 25 to 28 feet.
The five-acre property also sits within a federally designated Opportunity Zone, creating the prospect of tax benefits for long-term investors that improve the property. Meantime, JLL noted that the site is five miles from the New Jersey Turnpike.
The firm added that Jewels Transportation uses the location to serve more than 300 clients, from small operations to large corporations, handling more than 7,000 containers per year.
The JLL marketing team includes Jordan Avanzato, Marc Duval, Jose Cruz, Nicholas Stefans and Josh Stein, with Matthew Pizzolato from the firm’s debt and equity placement group.