385 Franklin Ave. in Rockaway Borough — Courtesy: JLL
By Joshua Burd
Investment manager NorthBridge Partners has acquired an 81,000-square-foot shallow-bay industrial building in Rockaway Borough, in a newly announced deal by JLL.
The multitenant property, 385 Franklin Ave., benefits from a diverse roster of 11 tenants and a location less than a mile from Route 46, according to a news release. It’s also 2.5 miles from Interstate 80, with an average suite size of 7,400 square feet and features such as 22-foot clear ceiling heights, flexible loading configurations and 13 dock doors.
JLL managing directors Nicholas Stefans and Jason Lundy and Senior Analyst Luke Ceccoli led the team representing the seller, LM Real Estate Partners. Terms were not disclosed.
“Shallow-bay industrial properties in northern New Jersey continue attracting significant capital as investors recognize the durability of demand from local distribution, light manufacturing and specialty logistics users,” Stefans said.
The team added that the site’s highway access allows for efficient distribution throughout northern New Jersey and the broader New York metropolitan area, noting that more than 8.8 million people live within 60 minutes of the properties.
“Functional, multitenant product will continue to be a major focus of institutional capital as the supply and demand imbalance in core markets for like-kind product remains robust,” Lundy said.
