Onyx successfully employs resources to transform blighted lot along Route 17 corridor into modern, efficient 120,000-square-foot distribution center

Onyx Equities LLC is pleased to announce that 440 Franklin Turnpike in Mahwah, N.J., was granted redevelopment approval. The 7.8-acre site contains a 108,000-square-foot, vacant, low-ceiling office structure built in the 1960s. Like many challenged commercial tracts in New Jersey, 440 Franklin Turnpike required a firm who could employ the resources necessary for a complete redevelopment. For decades, the site has been undervalued and a liability to the community. 440 Franklin Turnpike will become Northern Bergen County’s most modern industrial delivery, offering first generation space to operators looking to service the Northern New Jersey and Southern New York trade areas.

Site plan approvals include a 120,000-square-foot, 36-foot clear warehouse and distribution facility designed with a 50-foot by 47-foot column span; an Early Suppression, Fast Response fire suppression system; ample trailer parking; 15 tailgate doors; and two drive-ins. Plans call for approximately 6,000 square feet of mezzanine office. Onyx expects to begin demolition of the existing structure in June, with delivery estimated for the summer of 2019.

The redevelopment application was guided by a lengthy, highest-and-best-use study and consideration of the recent surge in demand for industrial space in Northern New Jersey. Onyx is undertaking similar office-to-industrial conversions elsewhere in the market as part of its latest strategy.

Onyx selected JLL to lease and market 440 Franklin Turnpike in November 2017. The leasing assignment is led by David Knee, executive managing director, and Christopher Hile and Dean Brody, managing directors, all with JLL.

“When completed, 440 Franklin Turnpike will be the only Class A, modern distribution center in this submarket,” said Hile. “This is a tremendous opportunity to lease a state-of-the-art logistics facility. The property is ideally located near major transportation routes. It is perfect for one or possibly two tenants.”

JLL formed its Northeast Industrial Region in early 2017, combining its industrial brokerage operations in Connecticut, New Jersey, New York and Pennsylvania into a single region. The firm merged its industrial business lines to better serve clients that increasingly view the industrial sector in all four states as one large interconnected market. The Northeast Industrial Market comprises approximately 1.54 billion square feet of industrial space, and represents the largest industrial market in the United States.

About Onyx Equities, LLC

Headquartered in Woodbridge, New Jersey, Onyx Equities, LLC is a leading, full-service real estate firm specializing in investment, asset repositioning and ground-up development. Since its founding in 2004, Onyx has acquired more than $2.2 billion worth of real estate assets throughout New Jersey, New York, Pennsylvania and Connecticut. Onyx has executed over $230 million in capital improvement projects under its signature repositioning program. Driving Onyx’s success is its loyalty to core geographic markets, a seasoned team of expertise in all facets of real estate, its adaptability to market conditions, and the experience gained from managing over 65 million square feet since inception. Throughout its portfolio, Onyx takes aim at increasing operational efficiency, tenant satisfaction and long-term value. For more information contact the firm at 732-362-8800, or visit www.onyxequities.com.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.