456 Hollywood Ave. in South Plainfield — Courtesy: Cushman & Wakefield
By Joshua Burd
A joint venture has secured nearly $9 million in financing for an industrial outdoor storage property in South Plainfield, in a deal arranged by Cushman & Wakefield.
According to the debt placement team, Lakeland Bank provided the loan to Ridgecut Road and Marcus Partners in connection with the 3.92-acre site at 456 Hollywood Ave. The deal follows the sponsor team’s acquisition of the property in April 2023 and its subsequent long-term lease with EquipmentShare, a construction technology firm based in Columbia, Missouri.
Cushman’s John Alascio, TJ Sullivan, Chuck Kohaut and Chris Meloni represented the borrowers in sourcing the stabilized refinancing loan for $8.945 million. Charles J. Wilkes and Holly Burke of Murphy Schiller & Wilkes LLP represented Lakeland Bank in connection with the transaction.
“456 Hollywood Ave presented lenders with an attractive opportunity to finance an industrial outdoor storage site in the country’s preeminent IOS market with a brand new, market lease in place to a national tenant,” Alascio said. “Strategically located just off Interstate 287 and only 25 miles from the Port of Newark, 456 Hollywood Ave. is an ideal site in a high demand and even higher barrier to entry industrial market.”
In a news release, C&W noted that the parcel has an 11,500-square-foot warehouse with abundant paved and lit parking and outdoor storage space. The firm added that the site is just off Interstate 287, providing easy access to Port Newark-Elizabeth and New York City, as well as the ability to reach 10.3 million consumers within a one-hour drive.
“It was a pleasure working with Cushman & Wakefield and the Lakeland team on the stabilized financing,” Ridgecut Road’s Scott Shalek said.
Marcus Partners’ Todd Minerley added: “456 Hollywood provided EquipmentShare exactly what they were looking for in a new home in New Jersey and speaks to the continued demand we are seeing for well-located, functional low coverage industrial assets with outdoor storage.”
