HASBROUCK HEIGHTS, NJ — Jones Lang LaSalle recently represented Forsgate Industrial Partners LP in the company’s purchase of 125 North Street in Teterboro, N.J. The private real estate developer and investor acquired the 158,000-square-foot light industrial building from Global Experience Specialists Inc., a division of Viad Corp., for an undisclosed amount.
JLL’s David Knee, managing director, and Blake Chroman, senior vice president, represented Forsgate in this off-market transaction. The seller, Viad, was represented by its in-house real estate team.
“I have always thought this was a terrific site, primarily because of its size and location,” said Chroman. “Forsgate was an ideal buyer for the property, given that the firm owns many buildings in the area. Forsgate’s experience, market knowledge and dealmaking abilities enabled the firm to get through the contract and due diligence processes quickly. I believe this was a successful transaction for both parties.“
The 125 North Street property is a 13.6-acre site that includes a 158,000-square-foot light industrial building. It is located on the corner of North and Huyler streets immediately off Exit 65 of I-80 and provides easy access to New York via the George Washington Bridge.
JLL is a leader in the northern/central New Jersey commercial real estate market, with more than 500 professionals and support staff providing agency leasing, tenant representation, industrial services, strategic consulting, project and development services, property management and investment sales/capital markets services to New Jersey's leading corporate tenants, investors and landlords. The firm, which assists clients from three full-service offices in Parsippany, Iselin (Metropark) and Hasbrouck Heights, also acts as local service provider for JLL global and national corporate clients in need of real estate assistance in New Jersey.
About Forsgate Industrial Partners LP
Forsgate Industrial Partners is a private real estate developer and investor that owns and manages 10 million square feet of industrial buildings. The firm is committed to building and administering a portfolio of the highest quality and to retaining it. It believes that design excellence and quality construction add value at a faster rate than they add cost. It is this approach that allows Forsgate to continue to attract the highest caliber tenants and employees who appreciate the investments the firm has made. As a large private company, Forsgate has no shortage of capital or organizational capacity. It is the firm’s discerning standards that monitor its growth. Forsgate continues to search for sites, with or without buildings, which allow the firm create environments in which companies can thrive. With these standards, Forsgate continues to build what has become one of the finest collection of industrial buildings in the country.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.3 billion of real estate assets under management. For further information, visit www.jll.com.