NAI James E. Hanson successfully negotiated the $4.35 million sale of a 1.2-acre industrial outdoor storage (IOS) property located at 138 Route 22 East in Hillside. The site was acquired by PSE&G, the state’s largest utility provider.
The transaction was spearheaded by Senior Vice Presidents Russell Verducci and Eric Demmers, who represented the private seller.
The property is strategically positioned along the Route 22 corridor, just three miles from Newark Liberty International Airport. It currently features:
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A 15,677-square-foot industrial building
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A 2,192-square-foot storage shed
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Ample on-site parking and outdoor storage capacity
PSE&G intends to utilize the site to expand its existing substation located on an adjacent property. This move is part of the utility’s broader effort to enhance electricity distribution and reliability throughout the northern New Jersey region.
The sale underscores the continued high demand for Industrial Outdoor Storage (IOS) sites—a niche real estate asset class that focuses on land for staging vehicles, equipment, and materials.
“The IOS market continues to show strength with infrastructure companies like PSE&G driving much of the activity,” Verducci said “We’re pleased to have helped our client capitalize on the value of their property while helping to support regional infrastructure expansion.”
Demmers added that the property’s “scale and strategic connectivity” made it an ideal fit for utility users who require proximity to critical logistics hubs.
