JLL Capital Markets arranged joint venture equity for 12-18 Vanderhoof, a proposed industrial facility totaling 119,250 square feet in Denville in Morris County.
In a Thursday announcement, JLL said it operated on behalf of the new development sponsor, Cervenka Development Partners, to arrange the joint venture equity partnership with a global investment manager, Monocle Group.
The proposed industrial building is set on approximately 19 acres. The Class A building will feature a 36-foot clear height, 18 loading bays, one drive-in door, 52 car parks and 13 trailer parks.
12-18 Vanderhoof Ave. is strategically located to provide its tenants direct access to Interstate 80 East & West (Exit 37) within a three-minute drive time. Interstates 280, 287 and 95 are conveniently close, providing access to 10 million people within a 30-minute drive time and 20 million people within an hour. The site is located 34 miles northwest of New York City, benefiting from superior access to northern New Jersey, Westchester County, Fairfield County and the outer boroughs of New York City. The robust population density and highway system in the area provides access to one-third of the North American population, equivalent to over 130 million consumers, within one day’s drive time.
“We couldn’t have asked for a better team to execute this acquisition. The town of Denville and Mayor (Thomas) Andes have been incredible to work with, while our JLL Capital Markets team brought an amazing equity partner to the table with the Monocle Group. We look forward to continued success with our strategic partners, not only on our Vanderhoof development, but with many more in the future,” Tom Cervenka, principal of CDP, said.
“What started as a 19-acre vacant parcel of property the township acquired through tax sale nearly 40 years ago, the township and its professionals worked collaboratively with Cervenka Development Partners to create a plan that provides so much benefit to our community,” Andes said. “This project truly represents smart growth and is a win-win for everyone involved, including the citizens of Denville. In my 12 years as mayor, we have continuously strived to increase the strength of our financial position through conservative budgetary policies. This project and our partnership with CDP and Monocle Group is an integral part of a five-year plan to be one of only a handful of municipalities in the state of New Jersey that are completely debt-free.”
“We are thrilled to have been introduced to Tom and Sasha through our relationship with the JLL Capital Markets team. CDP was able to secure this site at a cost basis that will enable us to achieve an above-market return on the deal. CDP has brought this project to the cusp of site plan approval, and we cannot wait to carry this through to completion together,” Eric Benitez, principal of the Monocle Group, said.
The JLL Capital Markets Investment Sales team was led by Managing Director Marc Duval, Director Jason Lundy, Managing Director Jordan Avanzato, Director Nicholas Stefans and Senior Managing Director Jose Cruz. Joel Lubin and his team will be handling the leasing for the project.
“JLL was able to bring several investors to the table despite a period of volatility in the capital markets environment and that speaks greatly to the strategic sponsor, Cervenka Development Partners,” Duval said.
“Investors were attracted to the opportunity, given CDP’s diligent and forward approach as well as the strong industrial fundamentals in Morris County,” Lundy added.