JLL Capital Markets successfully brokered the sale of a shallow-bay industrial facility located at 385 Franklin Avenue in Rockaway, Morris County. The property was acquired by NorthBridge Partners from seller LM Real Estate Partners.
The 81,000-square-foot multi-tenant facility is designed to serve a variety of light manufacturing, specialty logistics, and distribution users. The site currently houses 11 tenants, with an average suite size of 7,400 square feet, and features 22-foot clear heights alongside 13 dock doors.
The property’s value is bolstered by its location within a primary Northern New Jersey transportation corridor. Its proximity to major thoroughfares—less than one mile from US Route 46 and 2.5 miles from Interstate 80—allows for rapid distribution access to the New York City metropolitan area. According to JLL, this strategic positioning places the facility within a 60-minute drive of more than 8.8 million residents, a key metric for last-mile logistics providers.
The transaction highlights the ongoing trend of institutional capital flowing toward functional, multi-tenant industrial assets in the region.
“Shallow-bay industrial properties in Northern New Jersey continue attracting significant capital as investors recognize the durability of demand from local distribution, light manufacturing and specialty logistics users,” Nicholas Stefans, managing director at JLL, said.
Jason Lundy, also a managing director at JLL, noted that the competitive nature of the market is unlikely to diminish soon. “Functional, multi-tenant product will continue to be a major focus of institutional capital as the supply and demand imbalance in core markets for like-kind product remains robust.”
The JLL Capital Markets team representing the seller was led by Managing Directors Nicholas Stefans and Jason Lundy and Senior Analyst Luke Ceccoli.
