New York City-based Ridgecut Road and Chicago-based Brennan Investment Group on Monday said it acquired a 10-acre industrial outdoor storage property on Jernee Mill Road in Sayreville in a joint venture with Global Gate Capital.
The site includes a 28,600-square-foot, cross-docked building with 24-foot to 28-foot clear heights and 16 drive-in bays, allowing for a wide variety of uses.
“This investment expands our presence into central New Jersey with the addition of a Class A outdoor storage and cross-dock facility,” Chris Massey, Brennan’s mid-Atlantic and Northeast managing principal, said. “Industrial outdoor storage and industrial service facility space is increasingly scarce in north and central New Jersey, as user demand far exceeds the supply of functional, zoned sites. We have a great site, with excellent connectivity to the New Jersey Turnpike, which is only minutes away.”
The property has interstate access via the Turnpike, with only a 25-mile drive to the Port of New York and New Jersey.
“The New Jersey (industrial outdoor storage/industrial service facilities) market has seen unprecedented activity over the past few years. Strong tenant demand continues to increase port volumes as well as overall industrial demand,” Scott McKibben, chief investment officer and managing principal of Brennan, said. “This product and this market will continue to see high levels of tenant demand.”
Phil Tager, head of U.S. real estate at Global Gate Capital, added: “It is a pleasure to close another project with Brennan Investment Group, with whom we have a longstanding relationship. With 20 million people in the greater New York City MSA and 250 million consumers within a 24-hour drive, this location is ideally positioned to capture demand for outdoor storage generated by the industrial and logistics activity surrounding the Port of New York and New Jersey and Newark Liberty International Airport.”
“We are excited to add 700 Jernee Mill Road in Sayreville to our growing portfolio of Port Newark proximate low coverage industrial assets. We see this as a trophy, class A low coverage/IOS asset given its location and scale in a supply diminishing market,” Scott Shalek said, who leads Ridgecut alongside Eric Shalek.
