241 Oraton St. in Newark — Courtesy: JLL
(Editor’s note: This story was updated Monday, Feb. 7, with additional information from JLL Capital Markets, which represented the seller in the transaction while also arranging acquisition financing.)
By Joshua Burd
Thor Equities Group has added more than 130,000 square feet of industrial space in New Jersey with its acquisition of a two-building complex in Newark.
The New York-based developer and investor said the property, 241 Oraton St., is six miles from Newark Liberty International Airport and minutes from Port Newark-Elizabeth and the region’s vast highway network. In addition to the fully leased, 131,205-square-foot complex, the five-acre property has a 1.5-acre truck court that enables accessory trailer parking.
The firm did not disclose the name of the seller or the acquisition price. The seller late last summer tapped the JLL team of Jordan Avanzato, Marc Duval, Jose Cruz, Nicholas Stefans and Josh Stein to market the property, which at the time was projected to draw offers around $30 million.
“This latest acquisition represents a rare opportunity to invest in a well-located asset with excellent connectivity,” Thor Equities Group Chairman Joe Sitt said. “The northern New Jersey industrial market has performed especially well, and we continue to see great opportunity in the logistics sector in the U.S. and abroad. In recent months we have entered the Atlanta, Chicago, Philadelphia and Dallas markets and look forward to building on that momentum in 2022.”
JLL Senior Director Jordan Avanzato, Managing Director Marc Duval, Senior Managing Director Jose Cruz, Director Nick Stefans and Analyst Josh Stein represented Jewels Transportation Inc., a third-party logistics firm and occupant of the property for more than 25 years, in the sale.
“241 Oraton provided an opportunity to capture a highly adaptable, last-mile facility in one of the most coveted gateway industrial submarkets in the U.S.,” Avanzato said. “Additionally, we have seen continued demand along the Route 21 corridor, as it has attracted a flood of institutional capital over the last 12 months. The connectivity of the Port submarket, as well as access to highly affluent and dense population, continues to fuel this market.”
Meantime, JLL Senior Director David Sitt, Managing Director Peter Rotchford, Senior Director Matthew Pizzolato and Analyst Jake Moore sourced acquisition financing on Thor’s behalf. National Life Group provided the 11-year, fixed-rate, nonrecourse loan.
“We received tremendous interest from the lending community on this asset given the premier sponsorship and location of the asset in one of the most sought-after industrial submarkets in the country,” Pizzolato said. “National Life Group recognized this and stepped up to offer an attractive 11-year, fixed-rate loan that is full term interest only.”
The deal follows Thor’s purchase of an industrial asset in Atlanta and amid its plans to develop a 1 million-square-foot warehouse in Adairsville, Georgia, according to a news release. In addition, the company in late 2020 leased a ground-up development in Brooklyn to a leading e-commerce player.
JLL: Buyer wanted for single-tenant, 131,000 sq. ft. industrial property in Newark
