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New York & Tri-State  + New Jersey  + Industrial  |  November 2, 2023
Emily Fu
By: Emily Fu

New Jersey’s Largest Industrial Sale of the Year 

An investment fund managed by Morgan Stanley Real Estate Investing with its operator and manager NJ-based Saxum Real Estate has acquired a seven-building, light industrial portfolio encompassing 1.2 million square feet in East Hanover, Morris County, New Jersey., from Urban Edge Properties from $217.5 million. 

The properties are located at 901, 903-906, 601 Murray Rd. and 151 Ridgedale Ave. The portfolio, situated along Murray Road, features seven fully occupied buildings with an average clear height of 21 feet and 945 parking spaces. The portfolio is fully occupied by 13 tenants. Key asset features include an average clear height of 21 feet and 945 total parking spaces. 

The JLL Capital Markets Investment Sales and Advisory team was led by Jose Cruz, Marc Duval, Jordan Avanzato, Nick Stefans, Jason Lundy and Austin Pierce,  

Read More News Stories About: JLL
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Inside The Story

Jose Cruz

About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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