Developers Ridgecut Road and Marcus Partners were the recipients of $8.945 million in financing for 456 Hollywood Ave. in South Plainfield, according to a Wednesday announcement from Cushman & Wakefield, which served as the exclusive adviser.
The site spans 3.92 acres and features an 11,500-square-foot warehouse and abundant paved and lit parking and outdoor storage space. It was acquired in April and the sponsor team subsequently signed a long-term lease shortly after closing with EquipmentShare, a construction technology firm based in Columbia, Missouri. The stabilized refinancing loan was provided by Lakeland Bank.
Cushman & Wakefield’s Equity, Debt & Structured Finance team of John Alascio, T.J. Sullivan, Chuck Kohaut and Chris Meloni represented the borrowers in the transaction.
“456 Hollywood Ave. presented lenders with an attractive opportunity to finance an industrial outdoor storage site in the country’s preeminent (industrial outside storage) market with a brand new, market lease in place to a national tenant,” Alascio said. “Strategically located just off Interstate 287 and only 25 miles from the Port of Newark, 456 Hollywood Ave. is an ideal site in a high-demand and even higher-barrier-to-entry industrial market.”
“456 Hollywood provided EquipmentShare exactly what they were looking for in a new home in New Jersey and speaks to the continued demand we are seeing for well-located, functional low-coverage industrial assets with outdoor storage,” Todd Minerley of Marcus Partners, said.
456 Hollywood Ave. offers access to 10.3 million consumers within a one-hour drive. The property is located just off Interstate 287, approximately a 35-minute drive from the Port of Newark, and sits midway between Philadelphia and New York City with access to the Port of Newark and Newark Liberty International Airport air cargo terminals.
