ROCKAWAY TOWNSHIP, N.J. (Morris County) — A two-building industrial portfolio in Morris County has been sold, with JLL Capital Markets arranging the transaction, the firm announced Monday.
The properties, located at 200 and 300 Roundhill Drive in Rockaway Township, total approximately 72,908 square feet and were acquired by Faropoint. JLL represented the seller, North Jersey Development Group, in the deal.
The portfolio includes two shallow bay industrial buildings constructed in 1987 and 1990 on a combined 10.7-acre site. The properties offer direct access to Interstate 80 at Exit 37 and are located about seven miles from the Interstate 80 and Interstate 287 interchange.
Officials said the location provides connectivity across the New York metropolitan area and access to more than 8.1 million consumers within a one-hour drive.
The buildings are fully leased to six tenants across manufacturing, light industrial and warehouse distribution sectors. The average tenant tenure is approximately 15 years.
The properties feature 20-foot clear ceiling heights, separate loading areas and flexible unit sizes ranging from about 5,000 to 24,000 square feet.
The JLL team representing the seller included Managing Directors Nicholas Stefans and Jason Lundy, along with Senior Analyst Luke Ceccoli.
“The shallow bay industrial sector continues to be one of the most sought-after sub-asset classes due to the lack of availability, minimal development pipeline and increasing tenant demand,” said Stefans. “Faropoint’s presence within the submarket gave them a competitive advantage in understanding market fundamentals and providing a seamless execution.”
