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901 Murray Road, 903-906 Murray Road, 601 Murray Road & 151 Ridgedale Avenue
SOLD

Morgan Stanley & Saxum Real Estate Acquire $217.5M Industrial Portfolio In East Hanover

901 Murray Road, 903-906 Murray Road, 601 Murray Road & 151 Ridgedale Avenue

Industrial
6,000,000 SF
clock iconSold 261 days ago
Austin Pierce
Jason Lundy
Nick Stefans
+ 4
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Summary

Sale
NEW JERSEY
Industrial
6,000,000 sqft

Morgan Stanley Real Estate Investing and Saxum Real Estate have acquired a 1.2 million square-foot light industrial portfolio in East Hanover for $217.5 million. The properties, located in northern New Jersey, consist of 901 Murray Road, 903-906 Murray Road, 601 Murray Road, and 151 Ridgedale Avenue. These fully occupied properties have an average clear height of 21 feet and offer 945 parking spaces.

Summary of transaction details

  • Property Type: Industrial
  • Transaction Amount: $217,500,000
  • Square Footage: 1,200,000
  • Price per Square Foot: $181
  • Address: 901 Murray Road, 903-906 Murray Road, 601 Murray Road & 151 Ridgedale Avenue
  • Market: East Hanover

The acquisition was made by Morgan Stanley Real Estate Investing, represented by Olivier de Poulpiquet, and Saxum Real Estate, represented by Anthony Rinaldi. The deal was facilitated by brokers Austin Pierce, Jason Lundy, Jordan Avanzato, Jose Cruz, Marc Duval, and Nick Stefans from JLL.

Players

  • All

    7

  • Agents

    6

  • Agencies

    1

Austin Pierce's profile picture
Austin Pierce
JLL-image
Analyst
$1.2B Sold
Jason Lundy's profile picture
$828.2M Sold
Marc Duval's profile picture
Jordan Avanzato's profile picture

Details

Deal Summary
minus icon
SOLD
IMAGE: Olivier de Poulpiquet, Anthony Rinaldi, Austin Pierce, Jason Lundy, Jordan Avanzato, Jose Cruz, Marc Duval & Nick Stefans DATE: 11/02/2023 ADDRESS: 901 Murray Road, 903-906 Murray Road, 601 Murray Road & 151 Ridgedale Avenue MARKET: East Hanover ASSET TYPE: Industrial BUYER: Morgan Stanley Real Estate Investing (@Morgan.Stanley) - Olivier de Poulpiquet; Saxum Real Estate (@Saxum_Real_Estate) - Anthony Rinaldi BROKERS: Austin Pierce, Jason Lundy, Jordan Avanzato (@JordAvz7), Jose Cruz, Marc Duval (@MarcDuval241) & Nick Stefans - JLL SALE PRICE: $217,500,000 SF: 1,200,000 ~ PPSF: $181 NOTE: Morgan Stanley Real Estate Investing and Saxum Real Estate have purchased a 1.2 million square-foot light industrial portfolio in East Hanover for $217.5 million from Urban Edge Properties, marking the year's largest industrial sale. The properties are fully occupied and located in northern New Jersey with an average clear height of 21 feet and 945 parking spaces.

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Address901 Murray Road, 903-906 Murray Road, 601 Murray Road & 151 Ridgedale Avenue

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