JLL Capital Markets on Tuesday announced the sale of a significant industrial portfolio to global investment firm EQT Real Estate. The transaction involves an 11-building, fully leased portfolio totaling 893,625 square feet, strategically situated in prime, in-fill locations along the New Jersey Turnpike corridor.
JLL Capital Markets acted on behalf of the institutional seller in the deal, securing EQT Real Estate as the buyer for the collection of assets, known as the New Jersey Value-Add Industrial Portfolio.
The fully leased portfolio is concentrated in highly sought-after industrial pockets between Exits 2 and 14 of the New Jersey Turnpike. This critical positioning provides unparalleled access to the massive population centers of both the Philadelphia and New York City metropolitan areas, cementing the properties’ value as last-mile and distribution hubs.
For EQT Real Estate, the acquisition represents a major opportunity to acquire a critical mass of infill industrial product in a highly constrained market. The properties are fully leased to a diversified tenant roster with an average remaining lease term of four years.
According to JLL, the portfolio features in-place rents with “dramatic mark-to-market potential,” offering the new owner stable cash flow along with significant value-add opportunities.
The JLL Investment Sales and Advisory team leading the transaction included Senior Managing Director John Plower, Senior Director Ryan Cottone, and Managing Directors Nicholas Stefans and Jason Lundy.
