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Tri-State

HFF brokers now at JLL broker bevy of New Jersey building trades

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A team of brokers from HFF, having just seen their firm close on its $2 billion merger with JLL, have hit the ground running at their new digs. A JLL capital markets team led by senior managing director Jose Cruz and directors Marc Duval and Jordan Avanzato, all of whom just joined the brokerage from HFF, recently handled the sale of a vacant office building with a three-story atrium in South Plainfield, New Jersey, to Piscataway-based developer Edgewood Properties. JLL marketed the 104,020-square-foot building at 1001 Durham Avenue, which was once the U.S. headquarters of luggage manufacturer TUMI, on behalf of ConnectOne Bancorp, according to RE-NJ. “This is a great location with access to highways and a significant labor pool,” Cruz said in a statement. “The asset has significant upside both in its current use, as well as potential redevelopment.” JLL didn’t say how much the five-acre site sold for, although property records show it last traded for nearly $10 million in 2005. Cruz and JLL also closed this week on the sale of a four-property industrial portfolio at 19 Chapin Road in Montville Township, while also advising RXR Realty and the Blackstone Group on their sale of a two-building office complex in Princeton to New York-based Argent Ventures, according to RE-NJ. [RE-NJ]