107 How Lane in New Brunswick — Courtesy: JLL
(Editor’s note: This story was updated Thursday, Sept. 12, with additional information from JLL, which arranged acquisition financing.)
By Joshua Burd
Ridgecut Road has acquired an industrial service and outdoor storage property in New Brunswick, adding 6.5 acres with a combined 39,000 square feet across three buildings.
According to the firm, the parcel at 107 How Lane has 14.3 percent site coverage and includes a 12,000-square-foot, 20-door terminal and a 9,000-square-foot maintenance facility with 14 drive-thru doors. The third building is a 20,000-square-foot warehouse with a 28-foot clear ceiling height and dock-high loading positions, while the overall property is accessible from multiple points on both How Lane and Jersey Avenue.
Its five tenants include trucking and transportation, pallet and truck parts businesses with short-term leases, Ridgecut said. The firm added that the property is fully paved, lit and fenced and is minutes from New Jersey Turnpike Exit 9, providing easy access to Port Newark-Elizabeth, New York City and nearly 50 million consumers within a four-hour drive.
“We are excited to add this irreplaceable low-coverage industrial property to our growing portfolio of industrial assets in the NJ/NYC market,” said Eric Shalek, a Ridgecut Road cofounder and principal alongside identical twin brother and partner Scott Shalek.
Kyle Gerace of NAI DiLeo-Bram & Co. brokered the off-market sale, which marks Ridgecut Road’s sixth acquisition in New Jersey, while JLL Senior Managing Director Michael Klein, Director Max Custer and Senior Analyst Benjamin Morgenthal sourced acquisition financing on the buyer’s behalf.
“107 How Lane is an extremely well-located asset that is functionally laid out and offers versatility for a deep pool of tenants in the industrial market,” Scott Shalek said, adding: “It is mission-critical real estate that serves as the backbone of our supply chain, however you cannot find or develop assets like it today.”
In a separate news release, JLL said Byline Bank provided the three-year, floating-rate acquisition loan for $13.6 million.
“We are excited to have facilitated the acquisition financing for 107 How Lane in New Brunswick,” Klein said. “This property offers exceptional transportation connectivity, specifically tailored to meet the needs of the industrial and trucking sectors. It is a testament to the strength of the market and the value that this property holds.”
