JLL Capital Markets completes sale of shallow bay industrial property in Morris County, N.J.

MORRISTOWN, N.J., July 10, 2026 – JLL Capital Markets announced today the sale of a shallow bay industrial facility totaling 81,000 square feet in Morris County, N.J.

JLL represented the seller, LM Real Estate Partners, in the transaction. NorthBridge Partners acquired the asset.

The asset located at 385 Franklin Avenue in Rockaway consists of a multi-tenant, shallow-bay layout delivering functional warehouse and distribution space to a diverse tenant roster with an average suite size of 7,400 square feet. The building features 22-foot clear heights and flexible loading configurations with 13 dock doors across 11 tenants.

The asset benefits from a Morris County location with immediate access to major transportation corridors, sitting less than one mile from US Route 46 and 2.5 miles from Interstate 80. This connectivity enables efficient distribution throughout Northern New Jersey and the broader New York metropolitan area, where over 8.8 million people reside within 60 minutes of the properties.

Managing Directors Nicholas Stefans and Jason Lundy and Senior Analyst Luke Ceccoli led the JLL Capital Markets team representing the seller.

"Shallow-bay industrial properties in Northern New Jersey continue attracting significant capital as investors recognize the durability of demand from local distribution, light manufacturing and specialty logistics users," Stefans said.

Lundy added, “Functional, multi-tenant product will continue to be a major focus of institutional capital as the supply and demand imbalance in core markets for like-kind product remains robust.”

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom. 

JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of March 31, 2026. For over 200 years, clients have trusted JLL, a Fortune 500^® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

LM Real Estate Partners is a fully integrated commercial real estate company specializing in the acquisition and operation of industrial real estate. LM owns and manages more than 5 million square feet across NY, NJ, CT, NC, SC, GA. LM has acquired 30 properties since inception totaling over 6 million square feet. LM is one of the largest private buyers in Charlotte and Atlanta over the last 24 months and one of the largest private operators of industrial real estate throughout the Southeast.

NorthBridge Partners, LLC, founded in 2014, is a vertically integrated real estate investment manager specializing in last-mile logistics properties, acquiring, repositioning, and developing strategically located industrial real estate assets in major markets. NorthBridge has completed over 100 transactions totaling over 15 million square feet throughout its history. For more information, please visit www.northbridgecre.com.