301 Mayhill St. in Saddle Brook — Courtesy: JLL
By Joshua Burd
The owner of a single-tenant, 200,000-square-foot industrial building along Interstate 80 in Saddle Brook is seeking a buyer for the property, according to brokers with JLL.
Located at 301 Mayhill St., the facility is home to SEE, the maker of packaging products and systems long known as Sealed Air Corp. JLL is marketing the building to prospective investors, touting the tenant’s short-term lease and a logistics facility “with a strong mark-to-market opportunity,” one that is below replacement cost and has other opportunities to generate income.
The team added that 301 Mayhill has 14 loading docks, four drive-ins, 18-foot clear ceiling heights and 33 trailer stalls with full building circulation, along with a 95-foot truck court and income-producing solar panels. It’s also adjacent to I-80 and is 12 miles from the George Washington Bridge and Interstate 95, while offering “favorable drayage costs and minimal tolls” for freight traveling to and from Port Newark-Elizabeth and Newark Liberty International Airport, both of which are less than 25 miles away.
Additional opportunities for value creation at the site include solar panels, billboard income and trailer parking income through an adjacent developable lot, according to the offering materials.
JLL’s Marc Duval, Jose Cruz, Jordan Avanzato, Nicholas Stefans, Jason Lundy and Pranav Patel are marketing the property, with the firm’s Max Custer available for financing advisory.
