JLL announced Tuesday it has closed on the sale of a light industrial building in the Bergen County community of Oakland.
JLL marketed the the fully-leased, 40,781-square-foot property on behalf of the seller, North Jersey Development Group. An undisclosed investors purchased the asset.
The building, situated on 2.03 acres at 48 Spruce St., is located in the Northwest Bergen Industrial submarket directly off Route 202 and within close access to Interstate 287 and routes 208 and 17. The building features 20-foot ceilings, two dock-high and two drive-in doors, and 40- by 32-foot column spacing.
The JLL Capital Markets team of Jose Cruz, senior managing director, and Marc Duval and Jordan Avanzato, directors, represented the seller.
“We have continued to see strong investor appetite for industrial product not only from institutional groups but also private equity that want a diversified portfolio,” Duval said.