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Avison Young arranges sale-leaseback of 10-acre industrial property in Dayton, NJ
February 1, 2022
Morristown, NJ – Avison Young announced today that its Metropark New Jersey office has arranged the sale-leaseback of 2382 Route 130, a 10-acre industrial property in Dayton, NJ. Currently occupied by FleetSource, the property was purchased by Prologis, a global leader in logistics real estate, which will lease the property back to the equipment leasing and repair company and other tenants currently occupying space within the property.
Avison Young Principals Edward English, Ron Ganter and Tom Giannone, Senior Vice Presidents Timothy Cadigan and Matthew Turse and Senior Associate Paul Errigo, who all specialize in the industrial sector, represented FleetSource in the negotiations. Prologis was represented in-house by Howard Freeman.
“2382 Route 130 provides an attractive investment opportunity for a company to acquire a fully-leased industrial asset thoroughly equipped for a variety of e-commerce and logistic uses,” said English. “This transaction has allowed our client to unlock the capital in their real estate asset and establish lease-back terms that support long-term strategic business objectives with a trusted industrial real estate company like Prologis.”
2382 Route 130 is a 10-acre industrial property that features an approved outdoor trailer parking and state-of-the-art truck maintenance facility with administrative office space. The property is currently leased to FleetSource with an in-place ground lease with a publicly traded online retailer. 2382 Route 130’s location is less than one mile from Exit 8A on the New Jersey Turnpike and offers easy access to Newark Liberty International Airport, New Jersey’s ports, as well as several major thoroughfares, logistics centers and metros for seamless distribution operations.
“We’re pleased with the diligence Avison Young has shown throughout the negotiation of this transaction, completed in an impressive three-month window,” said John Grady, President at FleetSource. “We’re also thrilled to start a long-term relationship with Prologis as the property’s new landlord, allowing us to continue operating in the same facility with no disruption to our business.”
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2021 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 10 consecutive years.
Natalie Weiner, Regional Media Relations & Content Specialist, Northeast: +188.8.131.5255
Ed English, Principal, Industrial Sales & Leasing, New Jersey: +1.732.243.8546