Thor Equities Group acquired a 131,205-square-foot, single-tenant industrial warehouse and distribution facility at 241 Oraton St. in Newark, according to a Tuesday announcement from JLL Capital Markets.
JLL represented the seller, Jewels Transportation Inc., which has called the property home for more than 25 years and showed its continued commitment to the property by signing a new, long-term lease.
The two-building asset features clear heights ranging from 25 to 28 feet, new roof, nine loading docks, two drive-in doors, deep truck court and 9,789 square feet of office space.
The property occupies five acres in a strategic logistics location in Newark. 241 Oraton St. is along Route 21, which provides connectivity to a host of area transportation thoroughfares, including Interstates 95, 280 and 78, and, by extension, the vital infrastructure the tenant requires.
The Holland Tunnel and the Port of Newark are both eight miles away, with Newark Liberty International Airport only a six-mile journey from the property. Within an hour’s drive, the tenant can reach all of northern New Jersey, southern New Jersey, Manhattan, Staten Island and Queens.
Located within the Port Industrial submarket, a highly sought-after infill logistics location, 241 Oraton St. is positioned for last-mile distribution. According to JLL Research’s New Jersey Industrial Insight report for the fourth quarter of 2021, the vacancy rates for the submarket are at a low 1%, lower than the average New Jersey market vacancy rate of 1.3%. The property is also within the highly sought-after Route 21 Corridor, a favorite among occupiers and investors for its connectivity.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Director Jordan Avanzato, Managing Director Marc Duval, Senior Managing Director Jose Cruz, Director Nick Stefans and analyst Josh Stein.
“241 Oraton provided an opportunity to capture a highly adaptable, last-mile facility in one of the most coveted gateway industrial submarkets in the U.S.,” Avanzato said. “Additionally, we have seen continued demand along the Route 21 Corridor, as it has attracted a flood of institutional capital over the last 12 months. The connectivity of the Port submarket, as well as access to highly affluent and dense population, continues to fuel this market.”
“This latest acquisition represents a rare opportunity to invest in a well-located asset with excellent connectivity,” said Joe Sitt, chairman of Thor Equities Group. “The northern New Jersey industrial market has performed especially well, and we continue to see great opportunity in the logistics sector in the U.S. and abroad. In recent months, we have entered the Atlanta, Chicago, Philadelphia and Dallas markets, and look forward to building on that momentum in 2022.”