616 and 618 Corporate Way in Valley Cottage, New York — Courtesy: JLL
By Joshua Burd
The owner of nearly 262,000 square feet of warehouse and light industrial space just north of Bergen County is seeking a buyer for the portfolio, in a newly announced offering by JLL.
According to the brokerage team, which is based in Morristown, the three buildings are located at 616 and 618 Corporate Way and 711 Executive Blvd. in Valley Cottage, New York. The portfolio includes 149,790 square feet of traditional warehouse space with up to 30-foot clear ceiling heights and a combined 17 dock doors across two buildings, plus 112,160 square feet of shallow-bay space with 20-foot clear ceiling heights and 20 drive-in doors.
JLL’s Jose Cruz, Marc Duval, Jordan Avanzato, Nicholas Stefans, Jason Lundy and Conor Walsh are spearheading the assignment, with the firm’s Max Custer and James Panczykowski available for financing and leasing support, respectively.
“The offering presents an exceptional opportunity to continue implementing ownership’s proven business plan, marking in-place rents to market upon tenant lease expirations and converting the remaining leases on base-year stop or fixed reimbursement structures to true triple-net (NNN) leases,” JLL wrote in its offering materials. “Situated just off of Route 303, three miles from Interstate 287 and less than six miles from the Mario M. Cuomo Bridge, the properties offer exceptional connectivity to the affluent and densely populated markets of Bergen County, Westchester County and the (New York City) boroughs.”
Suites within the portfolio range from 2,720 to 42,075 square feet, JLL said, making them attractive to a diverse range of tenants. A combined 17 companies occupy the buildings, which are 97 percent leased, with uses including logistics, storage, sales, showrooms, servicing and health care, offering a hedge against macroeconomic headwinds with less than 1.5 percent of total inventory for shallow-bay space under construction.
JLL added that the average tenant tenure across the portfolio is 10.8 years, showcasing the occupier base’s commitment to the location. Notably, 616 Corporate Way and 711 Executive Blvd. have a blended weighted average lease term of just over three years with in-place rents currently 40 percent below market.
The three facilities occupy a combined 23.21 acres.
