Previous ownership invested $1.8 million in capital improvements in the fully leased properties during the last nine months, including new roofs at both buildings and loading packages, LED lighting and office upgrades at one of them.

JLL Capital Markets worked on behalf of Summit Associates to arrange loans for the three properties in Edison's Raritan Center Business Park. Proceeds were used to retire existing debt and fund minor tenant improvements.

The Hudson County site is situated in one of the sector's top markets in the country, where there is only a 2.8% vacancy rate; it offers 54 dock-high loading positions that appeal to a wide array of final mile carriers and parcel delivery services.

San Antonio Broker Services leased 22,800 square feet and Icera is taking 19,200 square feet at the Secaucus property.

The 245,749-square-foot Salem County property in Gateway Business Park can be expanded by 50,000 square feet.

The 4.9-acre improved land parcel at 245 Paterson Plank Road is immediately adjacent to the company's Michele Place property, American Dream, the MetLife Sports Complex and Exit 16W of the New Jersey Turnpike.

JLL Capital Markets closed the disposition, which includes two new, fully leased warehouses totaling 535,790 square feet.

J.G. Petrucci Co Inc. purchased 113,000 square feet within assorted buildings within the 46-acre, 300,000-square-foot complex.

Former Cushman & Wakefield professionals Douglas Bansbach and Linda Hill bring more than 45 years of combined experience across investment sales, landlord representation, national tenant representation and corporate asset dispositions to strengthen the firm's practice across key New Jersey markets. 

The leading food delivery platform will utilize the property as a storage facility to prepare items for local delivery for its snack, grocery, and other food-related product service DashMart.

“Demand for industrial properties along the N.J. Turnpike and major highways is strong, and continues to push vacancy rates down and increase rent prices. Now is a great time for owners to secure top-notch tenants, and for investors to add great value to their portfolios,” firm President Scott Mertz stated.

"The New Jersey industrial market continues to be one of the strongest markets in the country. Investors’ appetite for this asset class increased significantly during the pandemic and have shown no signs of slowing down,” says CBRE Vice Chairman Jeffrey Dunne.