100 New England Ave. in Piscataway — Courtesy: JLL
By Joshua Burd
A private investor has purchased more than 100,000 square feet of industrial space in Piscataway, in a sale-leaseback valued at $26.5 million.
According to JLL, which brokered the trade, the property at 100 New England Ave. is a quarter-mile from Interstate 287 and has six loading docks, one drive-in door, 24-foot clear ceiling heights and an acre of access parking. The eight-acre property is home to a 101,381-square-foot distribution facility occupied by an undisclosed user, providing easy access to the New Jersey Turnpike and Port Newark-Elizabeth.
“Being able to secure nearly 30 offers for this product during uncertain times speaks to the uniqueness of the property,” JLL’s Jordan Avanzato said.
The investment sales team representing the seller included Marc Duval and Avanzato, both managing directors with JLL, along with Executive Managing Director Frank Recine, directors Nicholas Stefans and Jason Lundy and Senior Managing Director Jose Cruz.
“Over the last 12 months, conversations with owner-users around sale-leasebacks of their assets have become more prominent,” Duval said. “The advantages of a sale-leaseback in the current environment will make it a more likely option for owners.”
