JLLÂ Capital Markets arranged the sale of a two-building shallow bay industrial portfolio totaling approximately 72,908 square feet located at 200 and 300 Roundhill Dr. in Rockaway Township, Morris County, NJ. Managing directors Nicholas Stefans and Jason Lundy, along with senior analyst Luke Ceccoli, represented the seller, North Jersey Development Group, in the disposition and procured Faropoint as the buyer.
The portfolio consists of two shallow bay industrial assets built in 1987 and 1990, situated on a combined 10.7 acres with direct access to Interstate 80 at Exit 37. Located just seven miles from the Interstate 287 and Interstate 80 interchange, the properties provide connectivity throughout the densely populated New York metropolitan area and access to more than 8.1 million consumers within a 60-minute drive time.
The fully leased portfolio is occupied by six tenants in the manufacturing, light industrial and warehousing distribution industries with an average tenant tenure of 15 years. Both properties feature 20-foot clear heights with separate loading and functional layouts with units ranging from approximately 5,000 square feet to approximately 24,000 square feet.
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