NorthBridge Partners Acquires 81,000-SF Industrial Facility in Rockaway, N.J. from LM Real Estate Partners

Northbridge Partners has acquired a multi-tenant, shallow-bay industrial facility totaling 81,000 square feet in Rockaway, N.J. from LM Real Estate Partners, JLL announced July 10. The property, located at 385 Franklin Avenue in Morris County, serves a diverse roster of 11 tenants across an average suite size of approximately 7,400 square feet.

Property Details and Configuration

The facility at 385 Franklin Avenue features 22-foot clear heights and flexible loading configurations, including 13 dock doors. Its shallow-bay, multi-tenant layout is designed to accommodate warehouse and distribution users across a range of industries, from light manufacturing to specialty logistics. The building sits in Rockaway with direct access to major regional transportation corridors — less than one mile from U.S. Route 46 and 2.5 miles from Interstate 80.

JLL notes that more than 8.8 million people reside within a 60-minute drive of the property, positioning it to serve last-mile and regional distribution demand across Northern New Jersey and the broader New York metropolitan area.

Transaction and Brokerage

JLL Capital Markets represented the seller, LM Real Estate Partners, in the transaction. Managing Directors Nicholas Stefans and Jason Lundy, along with Senior Analyst Luke Ceccoli, led the JLL team.

"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 in a statement.

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."

Financial terms of the transaction were not disclosed.

Buyer and Seller Profiles

NorthBridge Partners, founded in 2014, is a vertically integrated real estate investment manager specializing in last-mile logistics properties. The firm acquires, repositions, and develops strategically located industrial assets in major markets and has completed more than 100 transactions totaling over 15 million square feet throughout its history.

LM Real Estate Partners is a fully integrated commercial real estate company specializing in the acquisition and operation of industrial real estate. The firm owns and manages more than 5 million square feet across New York, New Jersey, Connecticut, North Carolina, South Carolina, and Georgia, and has acquired 30 properties since inception totaling over 6 million square feet. LM Real Estate Partners has been among the largest private buyers of industrial real estate in the Charlotte and Atlanta markets over the past 24 months.

Market Context: Northern New Jersey Shallow-Bay Industrial

The 385 Franklin Avenue transaction reflects continued institutional interest in Northern New Jersey's shallow-bay industrial segment, where functional, multi-tenant product has remained scarce relative to demand. Morris County's position along the Interstate 80 corridor provides logistics operators with efficient access to the North Jersey population base and highway grid.

JLL Capital Markets operates as a full-service global provider of capital solutions for real estate investors and occupiers, with more than 3,000 Capital Markets specialists in offices across nearly 50 countries.

Sources

JLL Capital Markets: Sale of 385 Franklin Avenue, Rockaway, N.J. (July 10, 2026)