NAI James E. Hanson on Monday announced it successfully brokered the $37-million sale of a premium Industrial Outdoor Storage (IOS) property in South Plainfield, highlighting the intense demand for “low-coverage” industrial assets in the Garden State.
The 7.81-acre site, located at 200 St. Nicholas Ave., features an optimally configured, fully fenced site and includes two buildings totaling 30,069 square feet. The transaction was managed by Senior Managing Directors Jordan Avanzato, Christopher Todd, and Managing Director William Ericksen of NAI James E. Hanson’s Institutional Services Group.
The buyer, Ridgecut Road, is a real estate investment firm that has specialized in owning and operating low-coverage industrial assets since its founding in 2021. The seller, JESCO Equipment—the authorized John Deere dealer for the region—entered into a short-term license agreement at closing to continue operations on the property temporarily.
Industrial Outdoor Storage has become a “critical component” of the modern logistics chain, providing essential space for distribution users who require functional, well-located land to store equipment, vehicles and containers.
“Infill IOS supply in New Jersey is exceptionally constrained, which continues to fuel competition among buyers looking to scale their portfolios,” Todd said. “We’re pleased to have helped our client secure a highly sought-after asset in one of the most competitive IOS markets nationwide.”
The sale price of $37 million for a sub-8-acre site underscores the premium placed on functional land in New Jersey’s land-constrained industrial corridors. According to Jordan Avanzato, the combination of the site’s location and long-term “optionality” made it a compelling target for institutional-grade investors like Ridgecut Road.
Cushman & Wakefield’s Equity, Debt & Structured Finance team of John Alascio, TJ Sullivan, and Chris Meloni represented Ridgecut Road, in the transaction.
