6B — December 2023 — Northern New Jersey — M id A tlantic Real Estate Journal
www.marej.com
N orthern N ew J ersey
JLL operates on behalf of new development sponsor, Cervenka Development Partners Joint venture equity arranges for a proposed class A industrial warehouse in Morris County
ENVILLE, NJ — JLL Capital Mar- kets arranged joint JLL operated on behalf of the new development sponsor, Cervenka Development Partners , to arrange the joint venture equity partner- ship with a global investment manager, Monocle Group . The proposed industrial building is set on 19 acres. The class A building will feature a 36-foot clear height, 18 loading D venture equity for 12-18 Van- derhoof, a proposed industrial facility totaling 119,250 s/f in Denville, Morris County.
bays, one drive-in door, 52 car parks and 13 trailer parks. 12-18 Vanderhoof Ave. is strategically located to pro- vide its tenants direct access to Interstate 80 E&W within a three-minute drive time. Interstates 280, 287 and 95 are conveniently close provid- ing access to 10 million people within a 30-minute drive time and 20 million people within an hour. The site is located 34 miles northwest of NYC, benefiting from superior access to Northern NJ, Westchester County, Fairfield County and the outer boroughs of NYC. The robust population density and highway system in the area provides access to one-third of the North American popula- tion, equivalent to over 130 million consumers, within one day’s drive time. “We couldn’t have asked for a better team to execute this ac- quisition. The Town of Denville and Mayor Andes have been incredible to work with, while our JLL Capital Markets team brought an amazing equity partner to the table with the Monocle Group . We look for- ward to continued success with our strategic partners, not only on our Vanderhoof development but with many more in the future,” said Tom Cervenka , principal of CDP. The JLL Capital Markets Investment Sales team was led by managing director Marc Duval , director Jason Lundy , managing director Jordan Avanzato , direc- tor Nicholas Stefans and senior managing director Jose Cruz . Joel Lubin and his team will be handling the leasing for the project. “We are thrilled to have been introduced to Tom and Sasha through our relationship with the JLL Capital Markets team. CDP was able to secure this site at a cost basis that will enable us to achieve an above market return on the deal. CDP has brought this project to the cusp of Site Plan Approval and we cannot wait to carry this through to completion together,” says Eric Benitez , Principal of the Monocle Group. “JLL was able to bring sev- eral investors to the table de- spite a period of volatility in the capital markets environment and that speaks greatly to the strategic sponsor, Cervenka Development Partners,” said Duval. MAREJ
12-18 Vanderhoof rendering
Whether you are buying, selling or financing commercial real estate, we are invested in your success. At Northmarq, we offer you a personalized approach, with unmatched access to lenders, investment sales experts, a best-in-class loan servicing platform, timely trends and insights, and much more. For us, it’s personal.
CONNECT WITH US TODAY. IT’S TIME TO THRIVE.
NEW JERSEY | NEW YORK CITY | LONG ISLAND | WHITE PLAINS
Multifamily, Industrial Retail, and more
View Our Research
Northmarq.com Commercial Real Estate Debt + Equity | Investment Sales | Loan Servicing | Fund Management
Made with FlippingBook Digital Publishing Software