75 Glendale Ave. in Edison — Courtesy: NAI James E. Hanson
By Tina Traster
A national investor has made its entrance to New Jersey with the purchase of an eight-acre construction yard in Edison, according to brokers with NAI James E. Hanson.
The buyer, Industrial Outdoor Ventures, acquired the site at 75 Glendale Ave. as part of a sale-leaseback with Railroad Construction Co. NAI Hanson’s Scott Perkins, Chris Todd and William Ericksen represented the buyer, noting that the site is home to a 35,729-square-foot maintenance building with a footprint that matches the firm’s acquisition criteria.
Terms were not disclosed.
“The boom in industrial demand over the last several years has created a robust market for well-located outdoor storage facilities across New Jersey,” Perkins said. “For many investors, especially those from out of state, navigating the competitive outdoor storage sector can often be a daunting task. However, our expertise in the market and creativity continue to enable us to help our clients find deals and grow their portfolios in this asset class.”
Established in 2017, Industrial Outdoor Ventures is the first national real estate investor specializing exclusively in outdoor storage facilities., according to a news release. The Chicago-based company has an 18-state, 835-acre footprint of mission-critical industrial service facilities with significant outdoor storage components.
Its new asset in Edison is just over a mile from the intersection of the New Jersey Turnpike and Route 18, the news release said. Railroad Construction Co., a general contractor with expertise in civil construction, track construction and building construction, will continue to lease the property.
Tina Traster is a freelance writer and the editor of Rockland County Business Journal. She is also a former business writer for Crain’s New York Business, real estate writer for the New York Post and staffer at the Bergen Record.
