JLL- Urban Edge Sells 1.2 million sq. ft. East Hanover industrial portfolio for $218 million
Urban Edge Properties has sold a seven-building, 1.22 million-square-foot light industrial portfolio in East Hanover for nearly $218 million, brokers with JLL announced Thursday.
The investment sales team, which touted the deal as New Jersey’s largest industrial trade of the year, represented Urban Edge in the transaction just north of Route 10, with buildings including 901, 903, 904, 905, 906 and 601 Murray Road and 151 Ridgedale Ave. JLL also procured the buyer, an investment fund managed by Morgan Stanley Real Estate Investing, and its operator and manager, Summit-based Saxum Real Estate.
Jose Cruz, Marc Duval, Jordan Avanzato, Nick Stefans, Jason Lundy and Austin Pierce led the JLL team on the $217.5 million deal.
“This was a remarkable transaction for both the seller and the buyer,” said Cruz, a senior managing director with JLL. “The experience and financial wherewithal, collectively, was instrumental to getting a deal of this size done in the current environment.”
In a news release, JLL said the portfolio is fully leased to 13 tenants, with key asset features including an average clear height of 21 feet and 945 total parking spaces. The firm added that the Morris County submarket is the fourth-largest in northern New Jersey, representing more than 33.4 million square feet of industrial space.
“This portfolio, which was heavily competed for, demonstrates the available capital for industrial assets despite the challenges that the market is experiencing,” said Duval, a managing director with JLL.