AI Group signs tenants at outdoor storage sites; JLL secures $13M acquisition financing

New York-based Ridgecut Road recently expanded its Garden State presence with the addition of a more than 6-acre industrial outdoor storage site in New Brunswick. On Sept. 5, JLL Capital Markets announced it arranged a $13.6 million acquisition loan for the buyer.

The debt advisory team secured the three-year, floating-rate financing through Byline Bank, according to JLL. Senior Managing Director Michael Klein, Director Max Custer and Senior Analyst Benjamin Morgenthal led the deal. Based in Chicago, Byline is full-service commercial bank serving small- and medium-sized businesses, financial sponsors and consumers.

“We are excited to have facilitated the acquisition financing for 107 How Lane in New Brunswick,” said Klein. “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.”

Located at 107 How Lane, the site comprises three buildings totaling more than 38,000 square feet. JLL highlighted the property’s extensive offerings, serving a range of industrial tenants as well as offering truck/trailer parking and other IOS space.

Four miles from Exit 8A on the New Jersey Turnpike, the site also provides direct access to Route 1.

“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,” Ridgecut Road co-founder and principal Scott Shalek commented when the firm announced the deal in August. “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.”

Logistics leasing

Bussel Realty Corp.’s Advance Industrial Group continued its streak of recent IOS activity with two new leases.

On Sept. 3, BRC announced a lease with Container World Corp. for 1.42 acres of industrial outdoor storage space at 1-23 Tompkins Point Road in Newark.

Advance Industrial Group Director of Asset Services Matthew Phillips and Senior Vice President Anthony Rittwager represented the tenant. Cushman & Wakefield represented the landlord, Axis IOS. The vertically integrated real estate platform focuses on acquiring, developing and managing supply chain infrastructure properties nationwide.

Phillips credited the team’s ability to identify strategic locations for heavy industrial uses. “The site’s proximity to Port Newark made it an ideal choice for drayage operations, ensuring efficient transport and logistics for our client,” he said. “By understanding the unique demands of port-related activities, we were able to deliver a solution that aligns perfectly with our client’s operational needs, reinforcing our commitment to meeting critical deadlines.”

Another ‘strategic’ location

The agreement followed a five-year IOS lease tied up in Hamilton and announced the month before. In that deal, BRC’s Advance Industrial Group signed Acertus Transportation for 5 acres of space at 121 First Ave.

Rittwager and Phillips again repped the tenant. Commercial Realty Partners represented the landlord, BDA Hamilton.

“The closing of 121 1st Ave. in Hamilton, N.J., is yet another testament to our team’s expertise in delivering exceptional service to clients on a national level. This strategic location was negotiated to a close after a thorough assessment of the client’s existing logistics operations, ensuring optimal efficiency and alignment with their national objectives,” Rittwager stated.

He continued, highlighting the proximity to Interstates 95 and 295; Routes 1, 206, 31 and 29; and the New Jersey Turnpike. The location “delivers a direct competitive advantage for the client, allowing access to Northern and Central New Jersey as well as the Philadelphia markets.”