S hopping C enters N orthern NJ S potlight
M id A tlantic Real Estate Journal — Northern New Jersey — December 18 - January 14, 2020 — 9B
www.marej.com
JFR Global Investments purchases last-mile NYC-area distribution facility JLL Capital Markets closed the sale of the class A industrial property in Parsippany, New Jersey P
the outcome of this transac- tion,” Cruz said. “Demand for suburban industrial contin- ues to be very strong and the remaining lease up of this as- set gives the buyer significant upside on which to capitalize.” The COVID-19 pandemic and the shelter-in-place poli- cies that ensued have acceler- ated e-commerce growth and the need for warehouse space across the nation. JLL expects e-commerce sales could hit $1.5 trillion by 2025, which would increase the demand for industrial real estate to an additional 1 billion square feet. E-commerce is expected to lead future leasing in the New Jersey Industrial market spe- cifically. After leasing volume hit its second-highest level since 2008 in 2Q 2020, JLL Re- search found that, in 3Q 2020, leasing continued to accelerate on the back of the e-commerce industry, which should persist through 2020. MAREJ
ARSIPPANY, NJ — JLL Capital Markets has closed the sale of Crossroads at 100 Jefferson Road, a 558,930 s/f, last-mile, class A distribution facility in Parsippany. JLL worked on behalf of the sellers, Harbor Group International and Turn- bridge Equities . JFRGlob- al Investments purchased the asset. Crossroads at 100 Jefferson Road is situated on 35.9 acres in the Eastern Morris County Industrial submarket at 100 Jefferson Rd. at the intersec- tion of I-287 and 80, two of New Jersey’s most highly traveled thoroughfares and which provide direct access to New York City, Newark Liberty International Airport and Port Newark-Elizabeth. This last-mile location is surrounded by three million residents within a 20-mile radius and is centrally located to provide easy access to the
Crossroads at 100 Jefferson Road dollar capital improvement program to create new-to- market class A industrial warehouse space. The facility, which is split into three inde- pendent suites, features clear heights ranging from 19 to 38 feet, 35 loading docks, three drive-in doors, 514 parking
NewYork CityMSA and more than 20 million people. Originally constructed be- tween 1957 and 1998, the property, which is currently 63.5% leased to PNY Technol- ogies and Vitaquest Interna- tional, recently underwent a comprehensive multi-million-
stalls and solar panels. The JLL Capital Markets team representing the seller included Jose Cruz, Jor- dan Avanzato, Marc Du - val Michael Oliver, Kevin O’Hearn and Steve Sim- onelli . “We are very pleased with
Cronheim Mortgage secures $14 Million for 83,000 s/f class A office building in Short Hills, New Jersey
SHORT HILLS, NJ — Cronheim Mortgage ar- ranged a $14 million perma- nent loan for 830Morris Tpke., a four-story class A office building located in Short Hills, Essex County, just off of I-78. The property was 100% leased at the time of closing to over 20 professional and medical office tenants. The loan to Stone Mountain Associates 830, L.L.C., was structured with a 10-year term and a 30-year amortization. The property has undergone over $8 million in renova- tions in recent years including all new common areas, new HVAC and elevators. The borrower converted a large portion of the building that had been previously leased to Santander Bank into highly functional multi-tenant space hosting a variety of medical and professional users. These improvements have made
830 Morris Tpke.
the property an attractive alternative for those seeking professional office space who no longer wish to commute to NYC. Cronheim worked as loan servicer of the former loan through a long and thoughtful
renovation process. The subject property is lo- cated in an affluent North Jersey suburb. The proximity of Short Hills to NewYork City and its location at the center of several major interstate
highways has made the area an attractive place to work and live. Newark International Airport is within 13 miles of the property and railway ac- cess, provided by New Jersey Transit, is located less than
one mile from the Subject at ei- ther the Short Hills or Summit station. Within a 3-mile radius of the Subject, the population is 85,000± with an average household income in excess of $200,000. MAREJ
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