JLL arranges land sale to construct 203,488-square-foot distribution and warehouse facility
A joint venture between Accordia Realty Ventures LLC and a separate account client of EverWest Real Estate Investors LLC began construction on the 203,488-square-foot 85 Stults Road in Dayton, N.J.
Accordia Realty Ventures and EverWest, on behalf of its client, was represented by Joel Lubin, executive managing director, and Brian Golden, executive vice president, both with JLL. The pair worked closely with Joseph Romano and Jason Bogart, principals, at Accordia Realty, and with Mark Bigarel, senior vice president and head of acquisitions, at EverWest, in the acquisition of the site, the planning of the new building and will continue on as the marketing team for the project.
The owners acquired the property and the adjacent 83 Stults Road building from Hermann's Services Inc. in February 2017. Accordia Realty and EverWest, on behalf of its client, later signed a sale-leaseback with the logistics and distribution company, allowing Hermann's Services to continue to occupy 83 Stults Road for one year. JLL represented Accordia Realty and EverWest in both the initial sale and the sale-leaseback.
“Accordia Realty and an EverWest client bought the building and adjacent land in February 2017 with the intention of working with the local municipality to receive approvals for the construction a new distribution and warehouse facility at 85 Stults Road,” said Golden. “The risk was buying land that was not entitled, but the site is adjacent to the New Jersey Turnpike’s Exit 8a, in the midst of the hottest industrial market in the state, and there is very little supply in this submarket."
Accordia Realty and EverWest will construct 85 Stults Road on 20 acres of land located adjacent to 83 Stults Road. The property will include 36-foot clear ceiling heights, 52 load docks, four drive-in doors, 38 car parking spaces and 75 trailer stalls. Site work has commenced and construction on the new distribution and warehouse facility is expected to be completed in early 2019.
In April 2018, One Stop Logistics inked a 10-year lease for the entire 369,000-square-foot 83 Stults Road. JLL’s Golden represented Accordia Realty and EverWest in the One Stop Logistics lease. One Stop Logistics was represented by Brian DiPinto, director, with The Blau & Berg Co.
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 Accordia Realty Ventures LLC
Accordia Realty Ventures is an entrepreneurial real estate firm dedicated to the creative and collaborative process of value creation through real estate investment and development. Accordia was formed in the spring of 2005 with the vision of acquiring and developing Class A commercial real estate in prime markets in Northern New Jersey and its surrounding environs. It focuses on industrial, retail, office and residential asset classes, as well as mixed use, urban redevelopment projects.
EverWest Real Estate Investors LLC
EverWest Real Estate Investors LLC, a wholly owned subsidiary of GWL Realty Advisors, is a real estate investment and operating company based in Denver, Colorado, whose goal is to create significant value for investors through a combination of capital appreciation, strategic acquisition, development, capitalization, repositioning, and management of commercial real estate assets.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 86,000 as of June 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
