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JLL Capital Markets led financing and joint venture equity efforts to acquire 700 Jernee Mill Road, a 10-acre industrial service facility in Sayreville positioned for trailer parking and industrial outdoor storage.
JLL worked on behalf of Ridgecut Road and its partner, Brennan Investment Group, to secure the acquisition loan through a regional bank.
The property is located in the heart of the Middlesex County submarket and offers access to northern New Jersey’s transportation network, as it is located just 35 minutes from the Port of Newark and has direct access to Routes 9 and 18 as well as to Interstates 95 and 287.
700 Jernee Mill Road contains a 28,500-square-foot warehouse featuring clear heights ranging from 24 to 28 feet, 14 drive-in doors and 6.5 acres of truck parking and IOS space. It is a highly coveted low-coverage industrial property that offers tenants scale, which is difficult to find in a supply diminishing market.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Michael Klein, Managing Director Matthew Pizzolato and analyst Benjamin Morgenthal.
“The Ridgecut Road team did a tremendous job sourcing this off-market transaction and negotiating an attractive sale-leaseback, which resulted in significant interest from both equity investors and lenders,” Pizzolato said.
Dean Brody, executive managing director at JLL, who specializes in leasing low-coverage industrial, is current marketing the property for lease. It will be available toward the end of this year.
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