700 Jernee Mill Road in Sayreville — Courtesy: Ridgecut Road
By Joshua Burd
The buyer of an industrial outdoor storage property in Sayreville has secured acquisition financing for the nearly $24 million deal, brokers with JLL announced Thursday.
In a news release, the debt placement team said an undisclosed regional bank provided the loan in connection with 700 Jernee Mill Road, which has 6.5 usable acres with a 28,500-square-foot service facility. JLL also arranged joint venture equity on behalf of its client, Ridgecut Road, which recently purchased the property alongside Brennan Investment Group.
The JLL team of Senior Managing Director Michael Klein, Managing Director Matthew Pizzolato and Analyst Benjamin Morgenthal spearheaded the transaction.
“The Ridgecut Road team did a tremendous job sourcing this off-market transaction and negotiating an attractive sale-leaseback, which resulted in significant interest from both equity investors and lenders,” said Pizzolato.
JLL noted Thursday that the trailer parking and outdoor storage site provides strong access to New Jersey’s transportation network, citing its location 35 minutes from Port Newark-Elizabeth and proximity to routes 9 and 18, the New Jersey Turnpike and Interstate 287. The on-site building has clear ceiling heights ranging from 24 to 28 feet and 14 drive-in doors.
Dean Brody, an executive managing director at JLL, is marketing the property for lease.
Ridgecut, Brennan Investment buy Sayreville industrial property for $23 million
