JLL Capital Markets on Monday said it arranged the sale of 4 Apollo Drive, a flight training facility totaling 127,144 square feet in Whippany.
JLL represented the seller, an affiliate of LXP Industrial Trust, and procured the confidential buyer, for an undisclosed price.
The property was originally built in 2006, expanded in 2008 and renovated in 2020. The single-tenant facility sits on a 16.8-acre-parcel with 312 parking spaces, seven drive-in doors and over 38-foot clear heights.
4 Apollo Drive is easily accessed off Interstates 287 and 80, two expansive highways in New Jersey.
The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Directors Jose Cruz and Jeremy Neuer, Managing Directors Marc Duval and Jordan Avanzato, Directors Nicolas Stefans and Jason Lundy and analyst Peter Kim.
“Northern New Jersey remains to be one of the most sought-after markets in the country due to the resilient workforce and consistent tenancy, especially with respect to buildings that have specialty use or unique infrastructure. In spite of the current volatility in the debt markets, 4 Apollo was attractive to both buyers and the lending community due to the long-term lease providing a stable investment opportunity,” Stefans said.