Thor Equities Group purchased a single-tenant industrial warehouse and distribution facility in Newark that is positioned for last-mile distribution, according to JLL Capital Markets, which announced the deal on Feb. 1.

The firm represented seller Jewels Transportation Inc. in the transaction, and arranged acquisition financing for Thor Equities Group.

The 11-year, fixed-rate, non-recourse loan was placed with National Life Group for an undisclosed amount. The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Director David Sitt, Managing Director Peter Rotchford, Senior Director Matthew Pizzolato and Analyst Jake Moore.

“This latest acquisition represents a rare opportunity to invest in a well-located asset with excellent connectivity,” Thor Equities Group Chairman Joe Sitt said in a statement. “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.”

The property, 241 Oraton St., measures 131,205 square feet situated on 5 acres in a strategic logistics location in the Brick City, along Route 21 with connectivity to roadways including Interstates 95, 280 and 78.

According to JLL, Jewels Transportation, which has been at the location for more than 25 years, signed on for a new, long-term lease.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Director Jordan Avanzato, Managing Director Marc Duval, Senior Managing Director Jose Cruz, Director Nick Stefans and Analyst Josh Stein.

“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.”

According to JLL Research’s New Jersey Industrial Insight report for the fourth quarter of 2021, vacancy rates for the submarket are at a low 1%–lower than the state average of 1.3%.