By Joshua Burd
An industrial portfolio some 10 miles north of Bergen County has sold for more than $50 million, in a deal arranged by JLL’s Morristown-based capital markets team.
In a news release, the firm said it represented Sasson Real Estate Group and Garelick Holdco LLC in their sale of the three-building, 260,755-square-foot portfolio and an adjacent 23-acre development parcel in Valley Cottage, New York. The light industrial buildings, which are fully leased, include 616 and 618 Corporate Way and 711 Executive Blvd.
Lincoln Equities Group and PCCP LLC purchased the Rockland County assets for $53.5 million.
“Demand for industrial product today continues to run at an all-time high and is further evidenced by the depth of the buyer pool for these buildings,” JLL’s Jose Cruz said. “We are seeing it in every industrial sale offering our team markets. Also, investors were heavily focused on the development potential of the land parcel.”
Cruz, a senior managing director, represented the sellers alongside Senior Director Marc Duval, Director Jordan Avanzato, Associate Ryan Robertson and Senior Managing Director Andrew Scandalios. They noted that the portfolio is roughly 30 miles north of Midtown Manhattan and just off Route 303, with easy access to Route 9W, Interstate 287 and the Mario M. Cuomo Bridge.
The properties are fully leased to 24 tenants and feature a flexible light industrial configuration, clear heights ranging from 20 to 36 feet, 18 dock doors, 22 drive-in doors and a 28 percent office finish, JLL said. The vacant 23-acre parcel is slated for a future industrial development.