JLL is marketing a two-building, 80,629-square-foot industrial portfolio at 75 and 95 Broad St. in Carlstadt — Courtesy: JLL
By Joshua Burd
The owner of two Meadowlands industrial buildings has listed them for sale, in an offering that includes a vacant, newly renovated property and another that was recently leased.
Brokers with JLL are marketing the buildings, 75 and 95 Broad St. in Carlstadt, which measure 50,400 and 30,229 square feet, respectively. The former is a distribution warehouse facility with more than $130,000 in recent physical upgrades, the firm said, while the latter is a preparation facility with existing freezer and cooler infrastructure that is fully occupied on a recently signed triple-net lease.
The properties, which sit on a combined 3.8 acres, are projected to draw offers around $30 million.
“By combining 95 Broad Street’s 100 percent occupancy with 75 Broad Street’s 50,400 square feet of vacant and renovated space, the portfolio offers investors a unique blend of core and value-add in a supply-constrained submarket,” JLL wrote in its offering announcement. “Additionally, the mix of a food prep facility with more traditional warehousing space offers any investor diversification within the industrial sector.”
The firm detailed the offering in the context of the Meadowlands’ staggering rent growth over the past five years. Monthly rents in the submarket have grown to around $14 per square foot, 175 percent of their 2016 levels, while vacancy in northern New Jersey has fallen to 2.2 percent.
Additionally, the brokerage team said both properties are less than 10 minutes from both the New Jersey Turnpike and Teterboro Airport, with quick access to the area’s vast highway network and dense population. Both were built in 1970 and have 25 parking spaces, with a 10 percent office ratio.
JLL’s Jordan Avanzato, Marc Duval, Jose Cruz, Nicholas Stefans and Alexander Alfier are marketing the properties on behalf of the seller, with assistance from Max Custer of the firm’s debt and equity placement team.