651 North Michigan Ave. in Kenilworth — Courtesy: CBRE
By Joshua Burd
Ridgecut Road has secured acquisition financing for a roughly two-acre industrial outdoor storage property in Kenilworth, according to a debt placement team with CBRE.
Brokers noted that the site, 651 North Michigan Ave., is home to a newly built 28,000-square-foot facility meant to serve maintenance- and service-oriented industrial users. That made for an attractive investment opportunity for Ridgecut Road, an owner of logistics and low-coverage industrial properties, as it continues to build its portfolio in the region.
CBRE’s Matthew Pizzolato and Josh Stein sourced the loan, which was provided by a regional bank, on the borrower’s behalf. Terms were not disclosed.
“We are pleased to have advised our client in securing financing for this high-quality industrial asset,” Pizzolato said. “The transaction reflects continued lender appetite for well-located IOS properties in northern New Jersey and strong execution by all parties involved.”
Completed in 2023, 651 North Michigan Ave. has modern specifications, high-end finishes and a functional layout, offering flexibility for a broad range of industrial outdoor storage and service-based tenants seeking quality improvements, CBRE said. It occupies 2.02 acres just off Route 22, providing easy access to Interstate 78, the New Jersey Turnpike, Route 21 and Route 1 & 9, while users are within a 15-minute drive of Port Newark-Elizabeth and Newark Liberty International Airport and 30 minutes from New York City.
