JLL Capital Markets on Thursday said it closed the $21.2 million sale of 140 Ethel Road, a multitenant warehouse totaling 108,875 square feet in Piscataway.
JLL represented the seller and procured the buyer.
140 Ethel Road is fully occupied by 19 unique tenants spanning various industries, including logistics, food & beverage, light fulfillment and warehousing. Key features of the property include a 24-foot clear height along with 24 loading docks, two drive-in doors and 83 parking spaces.
The property is located in northern New Jersey, within the Exit 10 submarket, the third-largest submarket in New Jersey. 140 Ethel is within close proximity to the major tri-state area commuting highways, including three miles from Interstate 287 and seven miles from Interstate 95.
The JLL Capital Markets Investment Sales team representing the seller was led by Managing Directors Marc Duval and Jordan Avanzato, Directors Nicholas Stefans and Jason Lundy and Senior Managing Director Jose Cruz.
“This opportunity was extremely well received as investment into multitenanted, short-term (weighted average lease term) remains a top-choice asset class for investors,” Duval said.
“By leveraging the diversified rent roll and committed tenancy with the infill location of the asset, we were able to achieve a successful execution for all parties involved,” added Avanzato.
