140 Ethel Road in Piscataway — Courtesy: JLL
By Joshua Burd
An investment group has sold a nearly 109,000-square-foot warehouse in Piscataway for $21.2 million, brokers with JLL announced Thursday.
The investment sales team, which represented the private seller, said the property at 140 Ethel Road is fully leased to 19 tenants from industries including logistics, food and beverage, light fulfilment and warehousing. That was a key draw for the undisclosed buyer, JLL said, as was its location three miles from Interstate 287 and seven miles from the New Jersey Turnpike.
“This opportunity was extremely well received as investment into multi-tenanted, short-term WALT remains a top-choice asset class for investors,” JLL Managing Director Marc Duval said. He and Jordan Avanzato, also a managing director, brokered the trade alongside directors Nicholas Stefans and Jason Lundy and Senior Managing Director Jose Cruz.
The firm added that the 108,875-square-foot complex has a 24-foot clear ceiling height, along with 24 loading docks, two drive-in doors and 83 parking spaces.
“By leveraging the diversified rent roll and committed tenancy with the infill location of the asset, we were able to achieve a successful execution for all parties involved,” Avanzato said.
Denholtz, Long Wharf secure financing for 109,000 sq. ft Piscataway warehouse, JLL says
