A JLL Capital Markets team secured a $13.6 million acquisition loan on behalf of Ridgecut Road for 107 How Lane, a 35,800-square-foot industrial property on 6.42 acres in New Brunswick.
JLL worked to secure the three-year, floating-rate acquisition loan through Byline Bank.
Located in the heart of the Middlesex submarket, the property is comprised of 6.42 acres of outdoor storage and truck parking along with three buildings of 10,300 square feet, 19,500 square feet and 9,000 square feet. The buildings feature 24- to 28-foot clear heights and 26 dock positions. The property offers tremendous functionality for a deep pool of industrial tenancy, with operations ranging from truck/trailer parking to various types of industrial outdoor storage.
The property offers unmatched access to northern New Jersey’s transportation network, being 35 minutes from the Port of Newark and having direct access to U.S. 1, which connects to Interstate 95. The property is also strategically positioned within four miles of Exit 8A on the New Jersey Turnpike, making it an ideal choice for accommodating overflow demand from the highly sought-after New Jersey industrial space.
The JLL Debt Advisory team was led by Senior Managing Director Michael Klein, Director Max Custer and Senior Analyst Benjamin Morgenthal.
“We are excited to have facilitated the acquisition financing for 107 How Lane in New Brunswick,” Klein said. “This property offers exceptional transportation connectivity, specifically tailored to meet the needs of the industrial and trucking sectors. It is a testament to the strength of the market and the value that this property holds.”
“We are excited to add this irreplaceable low-coverage industrial property to Ridgecut Road’s growing portfolio of industrial assets in the New Jersey and New York City market. The property is mission-critical real estate that serves as the backbone of our supply chain. It is very difficult to find or develop assets like it today,” Scott Shalek, co-founder and principal of Ridgecut Road, said.
