In a move that highlights the surging demand for Industrial Outdoor Storage (IOS), Ridgecut Road has officially acquired 76 National Road, a prime 5.5-acre industrial service facility in Edison. The deal, valued at $24.5 million, was facilitated by JLL Capital Markets, which handled both the sale on behalf of K Group and the acquisition financing for the buyer.
The property sits in a logistical “sweet spot” along the Interstate 287 Corridor. It currently features a 25,000-square-foot warehouse and is fully occupied by two heavy-hitters in the logistics space:
- FedEx Ground Package System: Providing investment-grade stability and secured trailer parking.
- Regional Trucking & Logistics Firm: A key player servicing the nearby ports of New York and New Jersey.
The site’s strategic value is largely driven by its proximity to major transit arteries. Located less than two miles from I-287 and five miles from the New Jersey Turnpike, the facility can reach approximately 73% of the U.S. population within a single day’s drive.
Despite a shifting economic landscape, the IOS sector remains a magnet for institutional capital. The scarcity of functional outdoor storage in the Edison submarket led to what JLL described as an “extremely competitive” lending environment.
JLL Managing Director Jason Lundy told BINJE, “Industrial service facilities are the backbone of logistics infrastructure, especially in supply-constrained, infill submarkets such as Exit 10. The strategic location of 76 National is approximately one mile from the Interstate 287 onramp with direct connectivity to the NJ Turnpike, servicing a dense population with access to over 73% of the U.S. population within one day’s drive-time.”
Max Custer, JLL senior director, added that the property’s stable cash flow and location yielded “best-in-class results” for the financing aspect of the deal, which was secured through a regional bank.
The JLL Investment Sales and Advisory team representing the seller included Managing Directors Jason Lundy and Nicholas Stefans, as well as Senior Analyst Luke Ceccoli. Senior Managing Director Michael Klein, Senior Director Max Custer, and Analysts Kevin Badger and Matthew McManus arranged the financing for the borrower.
In February, New Jersey’s Sitex Group expanded its “hyper-infill” portfolio with the acquisition of 152 West Street. The 4.1-acre property, formerly an insurance claims center for Progressive Casualty Insurance, is set to be transformed into a modern Industrial Outdoor Storage (IOS) facility—a rapidly growing asset class in the Garden State.
