140 and 141-147 Ethel Road West in Piscataway — Courtesy: JLL
By Joshua Burd
The owner of three light industrial buildings in Piscataway has listed them for sale, with the potential to command some $36 million for the nearly 175,000-square-foot portfolio.
Brokers with JLL are representing the would-be seller, noting that the properties include 140 and 141-147 Ethel Road West. The portfolio consists of 174,028 rentable square feet and is currently 100 percent leased to 20 tenants, the investment sales team said, with an average in-place net rent that is some 70 percent below market.
The brokers added that 50 percent of the rentable square feet is tied to leases that expire in the first three years of the investment.
“Situated in an irreplaceable, infill location in the rapidly growing submarkets of Exit 10 and Interstate 287, the Portfolio’s location provides direct connectivity to major highways,” JLL wrote in its offering materials, noting that it’s three miles from Interstate 287, 10 miles from the Turnpike and 30 miles from Port Newark-Elizabeth. “This abundance of transportation routes within the Portfolio’s immediate vicinity offers incredible access to the MSA’s large consumer base.”
Built in 1980, 140 Ethel Road West spans 108,875 square feet with 24-foot ceiling heights, 24 loading docks and two drive-in doors. The neighboring complex at 141-147 Ethel Road West was built in 1990 and comprises 65,153 square feet, offering 30-foot ceiling heights, eight loading docks and one drive-in door.
The properties have lot coverage of 39 and 34 percent, respectively.
JLL’s marketing team on the deal includes Marc Duval, Jordan Avanzato, Nicholas Stefans, Jose Cruz, Jason Lundy and Pranav Patel, with leasing support from the firm’s Gary Politi and Michael Klein and Max Custer providing financing expertise.
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