JLL Capital Markets closed the sale of the class A industrial property in Parsippany, New Jersey
Parsippany, NJ — JLL Capital Markets has closed the sale of Crossroads at 100 Jefferson Road, a 558,930 s/f, last-mile, class A distribution facility in Parsippany.
JLL worked on behalf of the sellers, Harbor Group International and Turnbridge Equities. JFR Global Investments purchased the asset.
Crossroads at 100 Jefferson Road is situated on 35.9 acres in the Eastern Morris County Industrial submarket at 100 Jefferson Rd. at the intersection of I-287 and 80, two of New Jersey’s most highly traveled thoroughfares and which provide direct access to New York City, Newark Liberty International Airport and Port Newark-Elizabeth. This last-mile location is surrounded by three million residents within a 20-mile radius and is centrally located to provide easy access to the New York City MSA and more than 20 million people.
Originally constructed between 1957 and 1998, the property, which is currently 63.5% leased to PNY Technologies and Vitaquest International, recently underwent a comprehensive multi-million-dollar capital improvement program to create new-to-market class A industrial warehouse space. The facility, which is split into three independent suites, features clear heights ranging from 19 to 38 feet, 35 loading docks, three drive-in doors, 514 parking stalls and solar panels.