JLL Capital Markets said on April 20 that it closed the sale of a 60,400-square-foot, single-tenant, last-mile distribution facility at 2 Palmer Terrace in Carlstadt, in the heart of the infill Meadowlands Industrial market.
JLL marketed the property on behalf of the seller, Palmer Terrace Realty Associates. Legacy Capital purchased the asset.
Situated on 3 acres, 2 Palmer Terrace is only 5 miles from New York City and less than 1 mile from the New Jersey Turnpike, providing direct access to one-third of the North American population – over 130 million consumers – within a one-day drive time. Additionally, the property is proximate to Newark International Airport and Port Elizabeth-Newark.
Originally constructed in 1977, the column-free building features some of the best clear heights in the Meadowlands, which range from 7 to 39 feet, along with four oversized drive-in bay doors that can accommodate indoor fleet parking.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Jose Cruz, Director Jordan Avanzato, Senior Director Marc Duval and Associate Mark Belenky.
“This specific offering provided a rare opportunity to capture a highly adaptable last-mile facility in one of the most coveted gateway industrial submarkets in the U.S.,” Avanzato said. “Going forward, we will continue to see a strong tailwind behind e-commerce as the surge of demand for last-mile facilities continues to increase in supply-constrained markets.”