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140 Ethel Road West

140 Ethel Road West, Piscataway, NJ

New Jersey

Flex/Industrial

Description 

140 Ethel is a 108,875 square foot fully leased, multitenant flex building located within the I-287 Corridor/Exit 10 submarket, one of New Jersey’s highest barrier-to-entry and supply-constrained markets. The Property’s location provides access to the MSA’s largest consumer base and direct connectivity to major highways, including Interstate 287 (>3 miles), Interstate 95 / NJ Turnpike (>10 miles) and Port Newark (>30 miles). The Property sits on 6.24 acres of land and is home to 19 tenants, with suites ranging from 2,900 square feet to 11,200 square feet and both grade level and dock high loading. The Property was built in 1980 and has a 24’ clear height. 

Key Information 

Denholtz saw the opportunity to pool two (2) owned multi-tenant industrial assets into a portfolio and recapitalize with a large foreign equity advisor in 2021. The scale of the portfolio, historical occupancy of the properties and overall growth in the in­dustrial sector created an ideal time to exit the Property at a significant premium to pro-forma underwriting. In 2024, Denholtz recapitalized 140 Ethel for a second time with a private equity real estate firm and sold off the other property in the 2021 portfolio. Over the three-year period between the two recapitalizations, Denholtz was able to increase rents ~20% while maintaining 100% occupancy. In-Place Rent 2021 Recap: $8.03 PSF. Current Market Rent August 2024: $17.50 PSF. In-Place Rent 2024 Recap: $11.99 PSF

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