From the Daily Record:
In what is being touted as New Jersey’s biggest industrial real estate deal of the year, 1.2 million square feet of light industrial space in East Hanover was sold earlier this month to a real estate investment fund for nearly $218 million.
JLL Capital Markets announced that it represented owner Urban Edge Properties in the $217.5 million sale of the seven-building portfolio to an investment fund managed by Morgan Stanley Real Estate Investing, and its operator and manager, New Jersey-based Saxum Real Estate.
The property is fully occupied by 13 tenants, according to JLL’s sale announcement.
“This was a remarkable transaction for both the seller and the buyer,” said JLL sales team member Jose Cruz. “The experience and financial wherewithal, collectively, was instrumental to getting a deal of this size done in the current environment.”