2461 Iorio St. in Union Township — Courtesy: JLL
By Joshua Burd
Ridgecut Road has added to its industrial outdoor storage portfolio in New Jersey with a recent closing in Union Township, in a deal arranged by brokers with JLL.
According to the firms, the 2.5-acre site at 2461 Iorio St. has a roughly 10,000-square-foot service facility with 15-foot clear ceiling heights, one loading dock and four drive-in bays. The low-coverage parcel also benefits from its proximity to Interstate 78, Route 22 and other key corridors, plus a location that is nine miles from Newark Liberty International Airport and 11.5 miles from Port Newark-Elizabeth.
JLL Director Jason Lundy, Senior Managing Director Marc Duval, Managing Director Jordan Avanzato and Director Nicholas Stefans represented both parties in the off-market trade, while Justin Horowitz at Cooper Horowitz LLC arranged financing. Terms were not disclosed.
“Ridgecut is excited to add this infill low coverage industrial asset to our growing portfolio of IOS properties,” said Scott Shalek, one of the principals and cofounders of Ridgecut Road alongside his identical twin brother Eric Shalek. “We recognize the inherent value in the property given its proximity to Port Newark coupled with its access to the dense population center and consumer base in the surrounding northern and central New Jersey markets as well as the NYC metro.”
NAI James E. Hanson’s Russ Verducci, Eric Demmers and Colin Goldstein are now marketing the property to prospective tenants.
“The outdoor storage and low-coverage industrial sectors continue to benefit from institutional investment demand,” Lundy said. “There is competitive capital in the marketplace seeking exposure to alternative industrial investments, especially within infill locations where demand is driven by the need for proximity to customers, logistic hubs and key transportation infrastructure.
“Ridgecut Road has been at the forefront of the IOS and low-coverage sector, and we’re looking forward to seeing their success as they continue to build their portfolio.”
