Devli acquisition widens Meadowlands industrial footprint to 34 acres

Jessica Perry//October 18, 2022//

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New York’s Devli Real Estate expanded its Meadowlands portfolio with the acquisition of a 26.6-acre industrial site located in Wallington.

The firm announced its recent addition of 520 Main Ave. in the Bergen County municipality, which is located adjacent to a 7-acre industrial site also owned by Devli. That brings the firm’s developable land in the in-demand region to a total 34 acres.

JLL Capital Markets marketed the site exclusively on behalf of the seller, Doka USA Ltd., and procured Devli as the buyer. The team representing both parties was led by Senior Managing Director Jose Cruz, Managing Director Marc Duval, Senior Director Jordan Avanzato, Directors Nick Stefans and Ryan Robertson and Analyst Jason Lundy.

According to Devli, the combined swath of land represents one of the largest remaining industrial development sites in the Meadowlands submarket, which posted a vacancy rate of just over 2% and rising asking rents of $16.45 per square foot, according to NAI James E. Hanson’s Third Quarter 2022 Industrial Report.

The unoccupied industrial site is 4 miles from Interstates 80 and 95 with access to New York City, Newark Liberty International Airport and Port Newark. According to Devli, the immediate area boasts more than 3 million people within a 10-mile radius.