Urban Edge Properties sells 1.2msf 7-building, light industrial portfolio in N.J.
Urban Edge Properties announced the $217.5 million sale of a seven-building, light-industrial portfolio totaling 1.2 million square feet in East Hanover, Morris County, N.J.
JLL represented the seller and procured the buyer, an investment fund managed by Morgan Stanley Real Estate Investing and its operator and manager, N.J.-based Saxum Real Estate.
The portfolio, located along Murray Road, is fully occupied by 13 tenants. Key asset features include an average clear height of 21 feet and 945 total parking spaces.
The properties are located at 901, 903-906, 601 Murray Road and 151 Ridgedale Ave., in the high barrier-to-entry and supply-constrained market of Northern New Jersey. Morris County is the fourth largest submarket in Northern New Jersey, representing more than 33.4 million square feet of industrial space.