700 Jernee Mill Road in Sayreville — Courtesy: Ridgecut Road
By Joshua Burd
A joint venture has acquired a truck facility and industrial outdoor storage property in Sayreville for more than $23 million, in a deal arranged by Kassin Sabbagh Realty.
The buyers, Ridgecut Road and Brennan Investment Group, are now seeking tenants for the site at 700 Jernee Mill Road after completing the deal with American Truck & Trailer, which had owned and occupied the parcel for some 30 years. In the process, the investment team hopes to capture demand for industrial outdoor storage space near Port Newark-Elizabeth and the surrounding area, as it markets a property that includes just a 28,500-square-foot service building on 6.5 acres.
“We see this as a trophy low coverage/IOS asset given its location and scale in a supply diminishing market,” said Scott Shalek, who leads Ridgecut alongside Eric Shalek.
Kassin Sabbagh Realty’s Bunny Escava, Isaac R. Setton and Richard Ades brokered the $23.45 million deal. Dean Brody of JLL is marketing the property for lease alongside Gregg Brody, noting that the site has 14 overhead drive-in doors.
