131 Beaverbrook Road in Lincoln Park — Courtesy: Ridgecut Road
By Joshua Burd
Ridgecut Road has acquired a 5.8-acre industrial service and outdoor storage property in Lincoln Park, expanding its portfolio to a high-demand submarket in Morris County.
The firm said the asset, located at 131 Beaverbrook Road, includes a 33,000-square-foot maintenance facility and warehouse and a 10,000-square-foot ancillary office building. It’s also minutes from routes 202, 23 and 46 and interstates 80 and 287, which Ridgecut Road plans to leverage as it modernizes the property with updates such as new exterior lighting, repaving and patching the asphalt parking lot, refreshing the office space and repainting the buildings’ interior and exterior.
Nick Stefans and Jason Lundy of JLL arranged the off-market deal, terms of which were not disclosed, while the firm’s Max Custer and Michael Klein sourced acquisition financing with Byline Bank.
“We are excited to add 131 Beaverbrook to Ridgecut Road’s portfolio of ISF/IOS assets,” said Scott Shalek, a principal at Ridgecut Road. “With its strategic location in this dense distribution node of northern New Jersey along with the functionality and scale of the property, we’re confident this asset will deliver value to our investors as well attract top-notch tenancy in need of quality industrial real estate that is very difficult to find in this corridor of New Jersey.”
Ownership has tapped NAI James E. Hanson’s Chris Todd, Will Ericksen, Jordan Avanzato and Scott Perkins to market the property for lease, touting its appeal as a drive-in maintenance facility with two oversized drive-in doors and one dock-high loading position. The firm added that the property’s warehouse space has 26-foot clear ceiling heights, offering functionality to a wide range of high-flow-through users in a supply-constrained location that is 20 miles from the George Washington Bridge and 30 miles from Port Newark-Elizabeth.
