JLL’s New Jersey capital markets team is marketing a 10-building, 654,633-square-foot light industrial portfolio in northern New Jersey, which includes four buildings in Whippany. — Courtesy: JLL
By Joshua Burd
A portfolio of 10 light industrial buildings in Bergen and Morris counties is on the market for sale, with the potential to draw offers in the range of $135 million.
Brokers with JLL are marketing the properties, which total 654,633 square feet with a combined occupancy rate of 98 percent. The sales team recently unveiled the offering, touting their location in the high-barrier-to-entry locations of Oakland, Fair Lawn and Whippany, with below-market rents that provide upside to would-be investors.
The building locations include:
- 125, 145 and 156 Algonquin Parkway and 30 Leslie Court in Whippany
- 17-01 Pollitt Drive and 19-05 Nevins Road in Fair Lawn
- 95 and 128 Bauer Drive, 40 Potash Road and 5 Thorton Road in Oakland
In its offering materials, JLL noted that current contractual in-place rents are roughly 44 percent below market. That upside is bolstered by the portfolio’s infill locations in a booming industrial market, along with its easy access to major North Jersey arteries including interstates 80, 280, 287 and 95.
The buildings are home to tenants in industries such as manufacturing, health care, biotechnology, distribution and production, with 36 percent of the occupied square footage set to roll over before 2023, JLL said. They also sit among or close to some of the state’s most affluent and labor-rich communities.
“The scale of the offering allows existing and potential tenants to pivot their operations to meet the needs of their business, thus creating the opportunity for future accommodations, potential repurposing and built-to-suit layouts,” JLL wrote. “Assets provide an ideal setting for flexible space needs while also offering highly functional warehouse, distribution and logistics operation capabilities.”
JLL’s Jose Cruz, Marc Duval, Jordan Avanzato, Nicholas Stefans, Michael Oliver and Jason Lundy are leading the assignment out of the firm’s Morristown capital markets office, working alongside Matthew Pizzolato of its debt and equity placement team.