JLL Capital Markets announced that it closed the $53.5 million sale of a fully leased, three-building, value-add light industrial portfolio totaling 260,755 square feet along with an adjacent 23-acre development parcel in the Rockland County community of Valley Cottage, New York.
The portfolio is situated at 616 and 618 Corporate Way and 711 Executive Blvd. in Valley Cottage, which is approximately 30 miles north of Midtown Manhattan. The properties and land site are situated just off Route 303 and proximate to U.S. Route 9W, Interstate 287 and the Mario M. Cuomo Bridge, which serves as one of the most important corridors for commerce in the Northeast. Additionally, the assets are in the Northern New Jersey Industrial market, one of the fastest-growing regions in the country, and within the supply constrained Rockland County Industrial submarket.
The properties are fully leased to 24 tenants and feature a flexible light industrial configuration, clear heights ranging from 20 to 36 feet, 18 dock doors, 22 drive-in doors and 28 percent office finish. The portfolio includes 23 acres of land for a future industrial development.
The JLL Capital Markets team representing the sellers was led by Senior Managing Director Jose Cruz, Senior Director Marc Duval, Director Jordan Avanzato and Associate Ryan Robertson, along with Senior Managing Director Andrew Scandalios.
The debt placement team was led by Senior Managing Directors Greg Nalbandian and Jon Mikula.
“Demand for industrial product today continues to run at an all-time high and is further evidenced by the depth of the buyer pool for these buildings,” Cruz said. “We are seeing it in every industrial sale offering our team markets. Also, investors were heavily focused on the development potential of the land parcel.”