JLL Income Property Trust Acquires Florham Park Property From Lone Star Funds For $46.6M

The property involved in this transaction is a life science facility located at 170 Park Ave, Florham Park, NJ 07932. The facility, built in 1982, encompasses 147,000 square feet and was sold for $46,600,000. The property has undergone significant improvements to serve advanced lab and manufacturing purposes for cellular medicine and biomaterials.

Summary of transaction details:

• Property Type: Life Science Facility
• Transaction Amount: $46,600,000
• Address: 170 Park Ave, Florham Park, NJ, 07932
• Market: Florham Park
• Seller: Lone Star Funds
• Buyer: JLL Income Property Trust
• Seller's Representatives: David Gavin (CBRE), Gene Pride (CBRE)
• Broker: Jeffrey Dunne (CBRE)
• Lease Commitment: 15 years with Celularity Inc. as tenant
• Previous Purchase Price: $8,500,000 in 2015
• Property Size: 147,000 square feet
• Location: The Green at Florham Park, over 18 acres of a master-planned park
• Proximity: Near Phillipsburg-Newark Expressway (I-78) and I-287, 35 miles from Manhattan

The transaction was facilitated by CBRE’s Institutional Properties group, which included a team of professionals: Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer, and Zach McHale. LaSalle Investment Management acted as an advisor to the buyer, JLL Income Property Trust. The deal follows recent activity by Lone Star Funds in the area, including the sale of 180 Park Ave.