JLL Capital Markets secured the sale and acquisition financing for Ridgecut Road to purchase a 5.78-acre low coverage industrial property in Northern New Jersey.
Working on behalf of the buyer, JLL secured a loan through Byline Bank, led by Senior Vice President Joanne Campanile, that will enable Ridgecut to acquire the property, implement a capital improvement plan and season the asset.
Ridgecut Road acquired the 35,000-square-foot warehouse and maintenance facility from a private owner. The asset also has 26 to 30-foot clear heights and three oversized drive-in doors, as well as a two-story, 10,000-square-foot office building.
Located in the Fairfield submarket, the property benefits from its proximity to the Port of Newark (just 30 minutes), and accessibility to major highways, including Interstate 287 (2.9 miles) and Interstate 80 (3.8 miles).
The JLL Capital Markets team facilitating the sale was led by Managing Directors Nicholas Stefans and Jason Lundy, while Senior Managing Director Michael Klein, Senior Director Max Custer and Analyst Kevin Badger led the acquisition financing.
“The property offers the flexibility that industrial tenants are seeking, especially given the scarcity of low coverage industrial sites in the region,” Klein said.
“This asset is well-positioned to capitalize on the robust demand for the specialized property type in this dynamic submarket. Byline Bank is well-versed in the industrial space and quickly understood the property’s unique attributes that will make it attractive to future tenants,” Custer said.
