NorthBridge Partners Acquires NJ Shallow-Bay Property

NorthBridge Partners has purchased 385 Franklin Ave., an 81,000-square-foot shallow-bay industrial facility in Rockaway, N.J., from LM Real Estate Partners. JLL Capital Markets brokered the deal on behalf of the seller.

The transaction’s dollar value was not disclosed, though it last sold for $13 million in 2021, according to Yardi Matrix.

The shallow-bay warehouse and distribution asset has a roster of 11 tenants. The average suite size is 7,400 square feet, and the building features 22-foot clear heights and flexible loading configurations, with a total of 13 dock doors.

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385 Franklin Ave.’s location provides quick access to major transportation corridors, as it’s less than a mile from U.S. Route 46 and 2.5 miles from Interstate 80. Occupiers can reach 8.8 million people residing across Northern New Jersey and the New York metro area within 60 minutes, according to JLL.

JLL Managing Directors Nicholas Stefans and Jason Lundy, along with Senior Analyst Luke Ceccoli led the Capital Markets team representing the seller.

Pluses and minuses in North Jersey

The Northern New Jersey industrial market is being pulled in two directions, as vacancy seems to be reaching a plateau, even as sublease availability rose 6.0 percent year-over-year, according to a second-quarter report from Savills.

In another split, Savills noted that buildings in the 50,000-to-200,000- and 200,000-to-500,000-square-foot ranges remain soft, although larger buildings experienced a vacancy decline of 350 basis points over the past 12 months.

In late June, Woodmont Industrial Partners, in partnership with Sagard Real Estate, broke ground on the redevelopment of a 25-acre industrial site in Rahway, N.J. Set for delivery in the first quarter of 2027, the project will comprise two Class A warehouse buildings, replacing an obsolete 212,000-square-foot facility that has already been demolished.