NAI James E. Hanson negotiated the $33.25M sale of an 8.84-acre industrial outdoor storage site at 115 St. Nicholas Avenue/115 Skyline Drive in South Plainfield.
Scott Perkins, Christopher Todd and William Ericksen represented the buyers Oliver Street Capital and Bain Capital Real Estate in the transaction with Trans American Trucking Services.
115 St. Nicholas Avenue/115 Skyline Drive is located just off Exit 5 on Interstate 287 with ideal accessibility to the New Jersey Turnpike and Garden State Parkway. Beyond offering superior regional connectivity, South Plainfield’s favorable zoning makes the property an ideal industrial outdoor storage investment.
“Our institutional partners trust our team because of our commitment to identifying the precise properties that align with their investment strategies,” Ericksen said. “Despite increasing competition for IOS assets in the state, we successfully pinpointed 115 St. Nicholas Avenue/115 Skyline Drive as the perfect acquisition for Oliver Street Capital and Bain Capital Real Estate and worked tirelessly to bring this deal across the finish line.”
Based in Boston, Oliver Street Capital is a value-based real estate investment manager focused on acquiring, financing and managing high-quality industrial real estate assets in supply-constrained markets along the East Coast.
“The off-market acquisition of 115 St. Nicholas Ave & 115 Skyline Dr in South Plainfield, NJ presented a unique opportunity to acquire two very functional and rare IOS sites along the I-287 Corridor. Truck terminals and maintenance facilities rarely come available for lease, and even rarer yet, for sale. This investment is a continuation of Oliver Street Capital’s thesis to acquire differentiated, rare, and functional assets in infill locations,” Mitch Arthur, vice president of Investments at Oliver Street Capital, added.
Todd continued, “Over the last several years, institutional investors have increasingly identified IOS properties as ideal portfolio diversification targets. As demand for these properties grows across New Jersey, it has become critical, especially for out-of-state investors, to leverage the local market knowledge of experienced brokers to find and close off-market deals in the space.”
