{"id":1004805119,"date":"2026-07-13T05:18:58","date_gmt":"2026-07-13T13:18:58","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004805119"},"modified":"2026-07-13T05:19:00","modified_gmt":"2026-07-13T13:19:00","slug":"northbridge-partners-acquires-nj-shallow-bay-property","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/northbridge-partners-acquires-nj-shallow-bay-property\/","title":{"rendered":"NorthBridge Partners Acquires NJ Shallow-Bay Property"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a54fe7e88b0f&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-large is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004805122\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/northbridge-partners-acquires-nj-shallow-bay-property\/385-franklinave-rockaway-nj\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/07\/385-FranklinAve-Rockaway-NJ.jpg\" data-orig-size=\"1600,1240\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"385-FranklinAve-Rockaway-NJ\" data-image-description=\"&lt;p&gt;Image emailed to Briefs.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;385 Franklin Ave. last sold in 2021. Image courtesy of JLL.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/07\/385-FranklinAve-Rockaway-NJ.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" height=\"794\" width=\"1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/07\/385-FranklinAve-Rockaway-NJ.jpg?w=1024\" alt=\"A photo of 385 Franklin Ave. in Rockaway, N.J.\" class=\"wp-image-1004805122\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/07\/385-FranklinAve-Rockaway-NJ.jpg 1600w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/07\/385-FranklinAve-Rockaway-NJ.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/07\/385-FranklinAve-Rockaway-NJ.jpg?resize=768,595 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/07\/385-FranklinAve-Rockaway-NJ.jpg?resize=1024,794 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/07\/385-FranklinAve-Rockaway-NJ.jpg?resize=1536,1190 1536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">385 Franklin Ave. last sold for $13 million in 2021. <em>Image courtesy of JLL<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>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.<\/p>\n\n\n\n<p>The transaction\u2019s dollar value was not disclosed, though it last sold for $13 million in 2021, according to Yardi Matrix.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO: <\/strong><a href=\"https:\/\/www.commercialsearch.com\/news\/data-centers-are-creating-spillover-industrial-demand-will-it-last\/\">Data Centers Are Creating Spillover Industrial Demand. Will It Last?<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>385 Franklin Ave.&#8217;s location provides quick access to major transportation corridors, as it\u2019s 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.<\/p>\n\n\n\n<p>JLL Managing Directors Nicholas Stefans and Jason Lundy, along with Senior Analyst Luke Ceccoli led the Capital Markets team representing the seller.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-pluses-and-minuses-in-north-jersey\">Pluses and minuses in North Jersey<\/h2>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>In late June, Woodmont Industrial Partners, in partnership with Sagard Real Estate, <a href=\"https:\/\/www.commercialsearch.com\/news\/woodmont-jv-begins-redevelopment-of-25-acre-nj-industrial-site\/\">broke ground on the redevelopment<\/a> 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.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Eleven tenants occupy the facility.<\/p>\n","protected":false},"author":882,"featured_media":1004805122,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,1600,21742,10],"tags":[32796,52924,52923],"class_list":["post-1004805119","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-new-york","category-latest","category-northeast","tag-jll","tag-lm-real-estate-partners","tag-northbridge-partners"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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