The Mark Parsippany at 1715 Route 46 in Parsippany — Courtesy: JLL
By Joshua Burd
Brokers with JLL’s suburban tristate capital markets team are forecasting a busy 2023 after a year in which they completed some $4.7 billion in sale transactions.
Based in Morristown, the group inked a series of high-profile transactions in New Jersey, Long Island, Connecticut and other parts of the metropolitan area in 2022. Its deals during the year included the $88 million sale of a 400,000-square-foot office building and the $82.5 million trade of a 212-unit apartment building, both in Parsippany, along with a joint venture’s purchase of a 156,185-square-foot, grocery-anchored retail center in West Haverstraw, New York, among others.
More recently, JLL brokered the sale of a three-building, 738,238-square-foot industrial complex in Newark for $127.5 million, working on behalf of Turnbridge Equities and Long Wharf Capital.
“Despite the financial headwinds of 2022, we were able to perform for our clients and execute transactions that helped achieve their individual goals,” said Jose Cruz, a JLL senior managing director and head of the region’s investment sales and advisory team. “We are thankful for the trust that they placed in us and look forward to a very productive new year.
“We are excited about 2023 and the opportunities that we see coming to the sale and equity markets from owners. We expect an active year on both the buy and sale sides as groups look to divest of nonstrategic assets in their portfolios and reinvest in buildings and submarkets that they predict with have higher growth.”
Turnbridge, Long Wharf sell Newark logistics complex for $128 million