120 Frontage Road is a 5-acre industrial site, strategically located off Route 78 just minutes away from Newark Liberty International Airport and the New Jersey Turnpike. The Hekemian Group acquired this site and, after obtaining entitlements for 75,000 SF, our in-house construction division HG Construction self-performed site demo, site work, and vertical construction of the building.
120 Frontage Road was sold to LBA Logistics in 2022 for $62.75 million, a record national sale price of $837 PSF.
5 Total Acres
±75,000 SF of Industrial
$62.75 Million Value
120 Frontage Road is a 5-acre industrial site, strategically located off Route 78 just minutes away from Newark Liberty International Airport and the New Jersey Turnpike.
The Hekemian Group acquired this site and, after obtaining entitlements for 75,000 SF, our in-house construction division HG Construction self-performed site demo, site work, and vertical construction of the building.
After signing a long-term lease at $28 PSF NNN (a record in the state of New Jersey) and stabilizing the building, we sold the property for a record price of $62.75 million or $837 PSF (a state record sale price and a national record for suburban distribution pricing). The total project cost was $19 million.
April 18, 2022
February 28, 2020