4 Apollo Drive in Whippany — Courtesy: JLL
By Joshua Burd
A real estate investment trust has sold a nearly 130,000-square-foot flight training facility in the Whippany section of Hanover, in a deal arranged by JLL’s New Jersey capital markets team.
Brokers with the firm represented LXP Industrial Trust in the transaction at 4 Apollo Drive, a single-tenant property that was built in 2006, expanded in 2008 and renovated in 2020. They also procured the confidential buyer, which paid an undisclosed price for the 127,144-square-foot facility.
JLL senior managing directors Jose Cruz and Jeremy Neuer, managing directors Marc Duval and Jordan Avanzato, directors Nicolas Stefans and Jason Lundy and Analyst Peter Kim led the team that was responsible for the deal.
“Northern New Jersey remains to be one of the most sought-after markets in the country due to the resilient work force and consistent tenancy, especially with respect to buildings that have specialty use or unique infrastructure,” Stefans said. “In spite of the current volatility in the debt markets, 4 Apollo was attractive to both buyers and the lending community due to the long-term lease providing a stable investment opportunity.”
In a news release, JLL noted that 4 Apollo Drive sits on 16.8 acres just off Interstate 287, providing 312 parking spaces, seven drive-in doors and ceiling heights of more than 38 feet.
