Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and co-ops—rose 3.1% from December to a seasonally adjusted annual rate of 4.00 million in January.
Valley Cottage Industrial Portfolio Trades for Nearly $54 Million
VALLEY COTTAGE—A partnership of Lincoln Equities and PCCP LLC has acquired a fully leased, three-building, light industrial portfolio totaling 260,755 square feet along with an adjacent 23-acre development parcel for $53.5 million.
The Rockland County-based complex was sold by Sasson Real Estate Group and Garelick Holdco LLC. Commercial brokerage firm JLL marketed the property on behalf of the sellers.
The portfolio is situated at 616 and 618 Corporate Way and 711 Executive Blvd. in Valley Cottage. The properties and land site are situated just off Route 303 and proximate to U.S. Route 9W, Interstate 287 and the Mario M. Cuomo Bridge. Additionally, the assets are in the Northern New Jersey Industrial market, one of the fastest-growing regions in the country, and within the supply constrained Rockland County Industrial submarket, JLL officials note.
The properties are fully leased to 24 tenants and feature a flexible light industrial configuration, clear heights ranging from 20 feet to 36 feet, 18 dock doors, 22 drive-in doors and 28% office finish. The portfolio includes 23 acres of land for a future industrial development.
The JLL Capital Markets team representing the sellers was led by Senior Managing Director Jose Cruz, Senior Director Marc Duval, Director Jordan Avanzato and Associate Ryan Robertson, along with Senior Managing Director Andrew Scandalios.
“Demand for industrial product today continues to run at an all-time high and is further evidenced by the depth of the buyer pool for these buildings,” Cruz said. “We are seeing it in every industrial sale offering our team markets. Also, investors were heavily focused on the development potential of the land parcel.”
JLL Capital Markets also arranged $33.95 million in acquisition financing for the Valley Cottage portfolio for the joint venture of Lincoln Equities Group and PCCP LLC, and placed the five-year, fixed-rate, interest only loan with a life insurance company.
The JLL Capital Markets debt placement team representing the borrower was led by Senior Managing Directors Greg Nalbandian and Jon Mikula.
“The loan was placed with one of our national life insurance company relationships that met all of our requests, including full-term, interest-only at a 70% LTV and very aggressive debt yield with optimal prepayment flexibility,” Nalbandian said.