A fully occupied multi-tenant warehouse in Piscataway has sold for $21.2 million.
The JLL Capital Markets Investment Sales team representing the seller was led by Managing Directors Marc Duval and Jordan Avanzato, Directors Nicholas Stefans and Jason Lundy, and Senior Managing Director Jose Cruz.
In 2021, Duval and Avanzato were also part of an equity placement team that helped to arrange the recapitalization of a 685,781-square-foot industrial portfolio for Denholtz—a 16-building package that included 140 Ethel Road.
Home to 19 tenants spanning the logistics, food and beverage, light fulfillment and warehousing sectors, the single-story building features 24-foot clear heights, 24 loading docks, two drive-in doors and 83 parking spots.
The $11 million sale of adjacent commercial buildings, owned by Denholtz Properties, in Clark was announced earlier this week.
Read more here.
“By leveraging the diversified rent roll and committed tenancy with the infill location of the asset, we were able to achieve a successful execution for all parties involved,” Avanzato said in a statement.
“This opportunity was extremely well received as investment into multi-tenanted, short-term WALT [Weighted Average Lease Term] remains a top-choice asset class for investors,” Duval commented.
Situated in the central part of the state within 3 miles of Interstate 287 and 7 miles from Interstate 95, 140 Ethel Road is part of the third-largest submarket in the state, according to JLL.
“Despite record construction activity and a moderation in preleasing activity, vacancy remains constrained,” JLL said in its first quarter 2023 Industrial Insights report. The Exit 10 submarket boasted 1.2% vacancy rate – half that of the statewide total of 2.4% – and average asking rents of $17.23 per square foot. That figure bested the statewide median, as well, which was reported as $16.14 per square foot.