Morgan Stanley Real Estate Investing, in partnership with NJ-based Saxum Real Estate, has recently acquired a significant industrial portfolio in East Hanover, Morris County. The seven-building portfolio spans 1.2 million square feet and was purchased from Urban Edge Properties for $217.5 million.
Situated along Murray Road, the properties include 901, 903-906 Murray Rd., as well as 601 Murray Rd. and 151 Ridgedale Ave. This fully occupied portfolio boasts an average clear height of 21 feet and offers a total of 945 parking spaces across its seven buildings.
The JLL Capital Markets Investment Sales and Advisory team played a key role in this transaction led by Jose Cruz, Marc Duval, Jordan Avanzato Nick Stefans Jason Lundy ,and Austin Pierce . This sale marks the largest industrial acquisition of the year thus far for New Jersey’s real estate market.
