800 Montrose Ave. in South Plainfield — Courtesy: JLL
By Joshua Burd
A developer is seeking a buyer for what will be more than 110,000 square feet of new industrial space along Interstate 287 in Middlesex County, according to brokers with JLL.
The builder, Sansone Group, is eyeing a spring 2023 delivery for the project at 800 Montrose Ave. in South Plainfield. JLL is marketing the planned 112,350-square-foot property as a forward sale, seeking to entice buyers with a location along the burgeoning I-287 logistics corridor and less than 10 minutes from the New Jersey Turnpike.
Based in St. Louis, Sansone Group has developed more than 30 million square feet of industrial space across 26 different states.
“The sponsor’s unrivaled experience will guide both the design and construction processes, ensuring the building can accommodate the ever-changing tenant demands of both today, as well as into the future,” JLL wrote in its offering materials. The capital markets team noted that the parcel “is surrounded by a robust network of regional transit infrastructure,” which has helped drive the submarket around Exit 10 of the Turnpike to a 1.4 percent vacancy rate.
Additionally, JLL said asking rent in the submarket has grown 116 percent in the past 10 years, while 73 percent of the 2.4 million square feet under construction in the area is preleased, “demonstrating the insatiable industrial demand from tenants requiring access to both Port Newark/Elizabeth and the affluent dense population base nearby.”
Sitting on 9.4 acres, the facility will feature 32-foot clear ceiling heights, 31 dock doors and parking for 98 cars.
JLL’s Marc Duval, John Huguenard, Jordan Avanzato, Nicholas Stefans, Michael Kavanagh and Jose Cruz lead the JLL team on the assignment. The firm is also offering leasing services provided by Chad Hillyer and Tyler Baker, along with debt and equity placement by Matthew Pizzolato.
