JLL closes sale of bank-owned office property in North New Jersey

July 23, 2019 – JLL announces that it has closed the sale of a 104,020-square-foot vacant office building at 1001 Durham Avenue in South Plainfield, New Jersey. JLL marketed...
1001 Durham

July 23, 2019 – JLL announces that it has closed the sale of a 104,020-square-foot vacant office building at 1001 Durham Avenue in South Plainfield, New Jersey.

JLL marketed the property on behalf of the seller, ConnectOne Bancorp, Inc. Edgewood Properties purchased the asset. 1001 Durham Avenue is currently managed and operated by a court-appointed receiver.

1001 Durham Avenue offers an opportunity to upgrade the property to reposition and lease-up as a single-tenant or a multi-tenant office building or be a redeveloped into an industrial facility in the highly
desirable West I-287 Industrial submarket. The property, which was constructed in 1986 and renovated in 2010, features a three-story atrium, flexible floor plans and ample parking. Situated on five acres, the property is centrally positioned near the region’s most highly trafficked thoroughfares, including Interstates 287 and 95 and Routes 1 and 22, which allow distributors to reach more than one-third of the U.S. population within a one-day drive. The location is also convenient to Port Newark/Elizabeth Marine Terminal, which is approximately 20 miles away, and Newark Liberty International Airport, which is 25 miles away.

The JLL Capital Markets team representing the seller included senior managing director Jose Cruz and directors Marc Duval and Jordan Avanzato.

“This is a great location with access to the highways and a significant labor pool,” Cruz said. “The asset has significant upside both in its current use as well as a potential redevelopment.”

Categories
CommercialDealsNationalNew JerseyNortheastOfficeSales

RELATED ARTICLES