By Joshua Burd
Brennan Investment Group, Global Gate Capital and Ridgecut Road have acquired a 10-acre industrial outdoor storage property in Sayreville, the joint venture announced Monday.
The firms said the property, located on Jernee Mill Road, includes a 28,600-square-foot, cross-docked building with 24- to 28-foot clear ceiling heights and 16 drive-in bays, allowing for a variety of uses. They added that the parcel has interstate access via the New Jersey Turnpike, which is about five miles away.
Terms were not disclosed.
“This investment expands our presence into central New Jersey with the addition of a Class A outdoor storage and cross-dock facility,” said Chris Massey, Brennan’s Mid-Atlantic and Northeast managing principal. “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.”
Brennan, a Chicago-based private real estate investment firm, noted that the property is 25 miles from Port Newark-Elizabeth, the most active on the East Coast.
“The New Jersey IOS/ISF market has seen unprecedented activity over the past few years. Strong tenant demand continues to increase port volumes as well as overall industrial demand,” said Scott McKibben, chief investment officer and managing principal of Brennan. “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.”
