JLL Capital Markets arranged $22.3 million in acquisition financing for industrial outdoor storage (IOS) properties located at 115 St. Nicholas Avenue and 115 Skyline Drive in South Plainfield.
JLL worked on behalf of the borrower, Oliver Street Capital, to secure the acquisition loan through Byline Bank, led by Senior Vice President, Joanne Campanile.
The site consists of three buildings totaling approximately 32,000 square feet, equipped with 34 docks and seven drive-ins, catering specifically to industrial tenants’ needs. It also features 8.75 usable acres dedicated to parking and outdoor storage, enhancing its appeal to logistics companies and similar businesses. The property is currently occupied by TransAmerican, a national trucking and storage company.
The properties are strategically positioned in the heart of the Middlesex submarket, offering unmatched access to Northern New Jersey’s extensive transportation infrastructure, including proximity to I-287, I-95, the New Jersey Turnpike and several major highways. Additionally, the properties’ location offers exceptional connectivity to key transportation hubs in the region, including New York City, high-volume port facilities and Newark Liberty International Airport.
The JLL Debt Advisory team was led by Senior Managing Directors Jon Mikula and Jim Cadranell, Associate John Cumming and Analyst Christian Badalamenti.
“The property’s strategic location in South Plainfield, coupled with its robust infrastructure, makes it an ideal asset for any industrial tenant needing proximity to the New York-New Jersey transportation network,” Cadranell said. “This financing deal underscores the strong market fundamentals and high demand for well-placed IOS properties in New Jersey.”
