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| Sold: Crossroads at 100 Jefferson Road, a 558,930-square-foot, last-mile, Class A distribution facility in Parsippany, NJ |
 |
| Jose Cruz |
JLL worked on behalf of the sellers, Harbor Group International and Turnbridge Equities. JFR Global 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 intersection of Interstates
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 New York City MSA and more than 20 million people.
 |
| Jordan Avanzato |
Originally
constructed between 1957 and 1998, the property, which is currently 63.5%
leased to PNY Technologies and Vitaquest International, recently underwent a
comprehensive multi-million-dollar capital improvement program to create
new-to-market Class A industrial warehouse space.
The
facility, which is split into three independent suites, features clear heights
ranging from 19 to 38 feet, 35 loading docks, three drive-in doors, 514 parking
stalls and solar panels.
The JLL Capital Markets team
representing the seller included Jose Cruz, Jordan Avanzato, Marc Duval
Michael Oliver, Kevin O’Hearn and Steve Simonelli.
 |
| Marc Duval |
The COVID-19 pandemic and the shelter-in-place policies that ensued have accelerated 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
specifically. After leasing volume hit its second-highest level since 2008 in
2Q 2020, JLL Research found
that, in 3Q 2020, leasing continued to accelerate on the back of the e-commerce
industry, which should persist through 2020.
JLL
Capital Markets is a full-service global provider of capital solutions for real
estate investors and occupiers.
 |
| Michael Oliver |
The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization.
The firm
has more than 3,700 Capital Markets specialists worldwide with offices in
nearly 50 countries.
For more news, videos and research resources on JLL,
please visit our newsroom.
About
Harbor Group International
Harbor
Group International, LLC, including its affiliates, is a private real estate
and real estate related investment and management firm which controls a
portfolio of worldwide assets valued at $12.5 billion.
 |
| Kevin O’Hearn |
HGI is headquartered in Norfolk, Virginia with offices in New York, Baltimore, Los Angeles and Tel Aviv.
The company’s real estate holdings include 4.9 million
square feet of commercial properties and 45,000 apartment units. For additional
information, please visit harborgroupint.com.
About
Turnbridge Equities
Turnbridge
Equities, founded in 2015 by Andrew Joblon, is a privately held,
vertically integrated real estate investment and development firm with offices
in New York, Los Angeles, Washington, D.C., Miami, and Austin.
Turnbridge
is an SEC registered investment advisor, Turnbridge RE Fund Management Company
I LLC, with assets under management in excess of $1.7 billion.
Turnbridge’s
full-service platform and extensive relationships enable the company to
acquire, develop, reposition, and operate real estate and generate value for
its investors and partners.
 |
| Steve Simonelli |
Turnbridge
and its principals seek to bring high levels of creativity and thought
leadership to drive the results of each of its investments.
With
a track record of implementing successful investment strategies, Turnbridge has
capitalized on emerging trends and monetized value in advance of market shifts.
Disclaimer:
This does not constitute an offer to sell or a solicitation of an offer to
purchase any interests in any Turnbridge projects.
About
JFR Global Investments
Headquartered
in New York, JFR Global Investments is a privately-owned commercial real estate
investment and management company that specializes in acquiring and operating
value-add and core office and industrial properties in the Northeastern and
Southeastern U.S. as well as in select markets throughout the country.
 |
| Andrew Joblon |
JFR, founded over thirty-five years ago, has acquired over $7 billion in real estate properties totaling over 54 million square feet in the last fifteen years, with a majority of its portfolio concentrated in New York City, New Jersey and Pennsylvania.
Additionally, JFR has acquired office and industrial
properties in over 40 states.
About
JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management.
JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities.
 |
| Parsippany in yellow above |
JLL is a Fortune 500 company with
annual revenue of $18.0 billion in 2019, operations in over 80 countries and a
global workforce of over 92,000 as of September 30, 2020.
JLL
is the brand name, and a registered trademark, of Jones Lang LaSalle
Incorporated.
For
further information, visit jll.com.
CONTACTS:
Kimberly
Steele
Senior
Associate, Public Relations
JLL
Capital Markets
9
Greenway Plaza, Suite 700
Houston,
TX 77046
T
+1 713 852 3420
M
+1 832 244 9994
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