Morristown-based JLL Capital Markets has facilitated the sale of a three-building, 261,950-square-foot light industrial portfolio in Valley Cottage, New York for $62.75 million to Invesco Real Estate.
The JLL Suburban Tri-State Capital Markets team represented the sellers, Lincoln Equities Group LLC and PCCP, in the transaction.
The portfolio consists of three properties: 616 Corporate Way (64,000 square feet), 618 Corporate Way (85,790 square feet) and 711 Executive Boulevard (112,160 square feet).
The buildings feature suites ranging from 2,720 to 42,075 square feet, with a mix of traditional warehouse space with up to 30-foot clear ceiling heights and shallow-bay light industrial space with 20-foot clear heights. The portfolio is 97% leased to 17 tenants spanning industries including logistics, storage, sales, showrooms, servicing and health care.
Situated just off Route 303, three miles from Interstate 287 and less than six miles from the Mario M. Cuomo Bridge, the properties offer exceptional connectivity to the affluent and densely populated markets of Bergen County, Westchester County and New York City. The robust highway system in the area provides access to over 980,000 consumers within a 30-minute drive and over 9.8 million consumers within a 60-minute drive.
