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Premium Capital Resources acquired this two-building, ±200,994 SF fully vacant industrial and office asset that formerly served as the U.S. corporate headquarters of Jaguar Land Rover. The two buildings (North and South) are joined by an enclosed second-story pedestrian bridge. The North Building (“Industrial Building”) consists of a 109,586 SF industrial warehouse building with 28’ clear ceiling heights, 10 loading doors, and 40’x40’ column spacing, presenting a highly desirable warehousing/distribution asset for “last mile” delivery of goods. The South Building (“Office Building”) is a three-story Class A office building comprised of 91,408 SF featuring a three-story atrium, full-service cafeteria, and conference center.
This asset offered tremendous potential upside in the form of lease-up of vacant space (whether single- tenant or multitenant), expansion opportunities, or complete redevelopment. The Property is strategically located less than 30 minutes from Manhattan in prestigious Bergen County, within close proximity to the intersections of Route 17, Interstate 287, and the New York State Thruway (I-87). Bergen County and the immediate area boast a highly educated and skilled workforce, above average household income, and one of the strongest commercial real estate markets in New Jersey.
After 19 months, Premium Capital sold this asset to publicly traded REIT Prologis who were going to bring in Amazon as the single tenant for this property, resulting in a 54.18% IRR return to investors and 127% return on investment.
