Northpath Investments, a privately held real estate investment firm headquartered in New York City, has purchased a single-tenant, 63,200-square-foot industrial and R&D building in Edison for $7.2 million, JLL Capital Markets announced Tuesday.
The property, located at 3920 Park Ave., is in the West I-287 Industrial submarket, one of the best performing industrial markets in the region. Within the submarket, vacancy is currently less than one percent, while average rents have trended in excess of $10/square foot.
The property is just one mile from Interstate 287, less than 3.5 miles from the New Jersey Turnpike and three miles from the Garden State Parkway.
The facility is fully leased to and serves as the corporate headquarters and critical research and development facility for Eos Energy Services, a clean energy storage solutions company. Eos has been a tenant at the Edison facility since 2016 and has made a considerable financial commitment to the building, including various system upgrades.
Constructed in 1970, the building features 20-foot clear heights, three tailboard loading docks, laboratory and office space and ample parking.
The JLL Capital Markets Debt Placement team, representing the borrower, was led by senior managing director Michael Klein and director Max Custer.
“We are pleased to have arranged acquisition financing for Northpath Investments and kick off a new lending relationship for our client with Signature Bank,” Klein said. “Thanks to the diligent efforts of every member of the deal team, we were able to close this transaction in less than 45 days.”