250-260 Mack Place in South Plainfield — Courtesy: Marcus Partners
By Joshua Burd
Ridgecut Road and Marcus Partners have acquired nearly four acres of low-coverage industrial property in South Plainfield, marking the firms’ second deal together in less than a year.
Located a mile from Interstate 287, the property at 250 Mack Place has two buildings totaling 13,500 square feet. The buyers noted that the site has historically been owned and operated by a publicly traded business-to-business rental company that rents and sells modular buildings, storage containers and portable storage units.
Isaac Setton, Bunny Escava and Richard Ades of Kassin Sabbagh Realty brokered the transaction. Terms were not disclosed.
“We were able to restructure the lease with the existing tenant, a leading national provider of logistics-based environmental solutions focused on the containment of liquid and solid industrial waste,” Ridgecut Road wrote in a description of the deal. “The asset is extremely well-positioned within the industrial submarket of the I-287 corridor given its proximity to Port Newark and the tristate population center.”
The tenant is Ironclad Environmental Solutions, Marcus Partners noted in a separate news release. It added that each maintenance facility at the site has three drive-ins., while the property is milled, fenced, lit and secured with a rectangular yard.
“This is a terrific IOS asset to add to our growing northern New Jersey industrial portfolio. IOS is a burgeoning sector within the industrial asset class and has brought diversification to our overall portfolio,” said Todd Minerley, a senior vice president with Marcus Partners. “We look forward to increasing our IOS footprint in northern New Jersey in addition to our primary focus in the region of acquiring existing industrial assets and potential development opportunities.”
The 3.63-acre property is Ridgecut’s latest acquisition since brothers Eric and Scott Shalek founded the real investment firm in January 2022, with a focus on industrial space in New Jersey and New York. Its portfolio includes four low-coverage properties, while it has 500,000 square feet of active warehouse development in its pipeline, including a 146,075-square-foot project in Montgomery, New York, that it’s slated to deliver in early 2025.