115 St. Nicholas Ave. and 115 Skyline Drive in South Plainfield — Courtesy: JLL
By Joshua Burd
An investment firm has secured more than $22 million in acquisition financing for a set of industrial outdoor storage properties in South Plainfield, brokers with JLL announced.
According to a news release, Byline Bank provided the loan to Oliver Street Capital in connection with the deal at 115 St. Nicholas Avenue and 115 Skyline Drive. The brokers noted that the site consists of three buildings totaling roughly 32,000 square feet, with 34 docks and seven drive-ins, along with 8.75 usable acres for parking and outdoor storage that cater to logistics companies and similar businesses.
JLL senior managing directors Jon Mikula and Jim Cadranell, Associate John Cumming and Analyst Christian Badalamenti sourced the $22.3 million deal with Byline Bank and Joanne Campanile, a senior vice president with the lender.
“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.”
Currently occupied by TransAmerican, a national trucking and storage company, the properties are just off Exit 5 on Interstate 287 and minutes from the New Jersey Turnpike and Garden State Parkway. NAI James E. Hanson arranged the sale to Oliver Street Capital and Bain Capital Real Estate, announcing the deal last week.
Investors buy South Plainfield industrial outdoor storage site for $33 million, NAI Hanson says
