{"id":1004678892,"date":"2023-09-05T03:17:35","date_gmt":"2023-09-05T11:17:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004678892"},"modified":"2023-09-05T03:19:12","modified_gmt":"2023-09-05T11:19:12","slug":"brennan-jv-lands-financing-for-industrial-outdoor-storage-buy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/brennan-jv-lands-financing-for-industrial-outdoor-storage-buy\/","title":{"rendered":"Brennan JV Lands Financing for Industrial Outdoor Storage Buy"},"content":{"rendered":"
\"Michael<\/a>

Michael Klein, Senior Managing Director, JLL. Image courtesy of JLL<\/em><\/p><\/div>\n

Ridgecut Road<\/strong> and Brennan Investment Group<\/strong> have landed acquisition financing and joint venture equity for an industrial outdoor storage property in Sayreville, N.J. The property traded for the property for $23.5 million. According to CommercialEdge data, the seller was American Truck & Trailer<\/strong>.<\/p>\n

JLL<\/strong>\u2019s Michael Klein, Matthew Pizzolato and Benjamin Morgenthal led the team that arranged both the joint venture equity and the $14 million acquisition loan, which was provided by Associated Bank<\/strong>, the same source indicates.<\/p>\n

Pizzolato, managing director at JLL Capital Markets Debt Advisory, said in prepared remarks that the acquisition was an off-market transaction and a sale-leaseback deal that attracted significant interest from equity investors and lenders.<\/p>\n

\n

READ ALSO<\/strong>: Industrial Sector Continues Growth Amid Rising Rates<\/a><\/p>\n

\n

Located at 700 Jernee Mill Road, the 10-acre site has a 28,500-square-foot warehouse that was built with clear heights ranging from 24 to 28 feet, 14 drive-in doors, 6.5 acres of truck parking and industrial outdoor storage space. According to JLL, the site is highly coveted since it\u2019s a low-coverage industrial property that offers tenants scale, while also being in a market with diminishing supply.<\/p>\n

Being in the center of New Jersey\u2019s Middlesex County submarket, tenants will have access to northern New Jersey\u2019s transportation network, including the Port of Newark that\u2019s within 35 minutes of the property. Tenants will also have direct access to Route 9 and 18, along with Interstates 95 and 287 that connect to the rest of the northeastern U.S. corridors.<\/p>\n

Investing in Northeastern industrial assets<\/h2>\n

Ridgecut Road focuses on investing in industrial assets in select submarkets within the New Jersey and New York metro areas, with 700 Jernee Mill Road adding to the company\u2019s portfolio of mostly warehouse, distribution, logistics, outdoor storage or low-coverage industrial properties.<\/p>\n

Brennan Investment Group also focuses on industrial real estate investments. According to the company\u2019s website, its portfolio as of March 2023 included 553 properties totaling 52 million square feet across 27 states. In May 2020, Brennan Investment Group acquired a three-building industrial portfolio<\/a> in Pennsylvania\u2019s Lehigh Valley. More recently, the company acquired 68 acres<\/a>\u00a0in Brownsburg, Ind., to develop two distribution properties, including a 580,884 square-foot cross-dock building and a 245,803-square-foot rear-load facility.<\/p>\n","protected":false},"excerpt":{"rendered":"

American Truck & Trailer sold the property in a sale-leaseback deal. <\/p>\n","protected":false},"author":883,"featured_media":1004678900,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21748,21783,21742,10],"tags":[50836,33335,32796],"class_list":["post-1004678892","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-industrial","category-investment","category-latest","category-northeast","tag-associated-bank","tag-brennan-investment-group","tag-jll"],"acf":[],"yoast_head":"\nBrennan JV Lands Financing for Industrial Outdoor Storage Buy - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Ridgecut Road and Brennan Investment Group landed acquisition financing and equity for an industrial outdoor storage asset in Sayreville, N.J.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/brennan-jv-lands-financing-for-industrial-outdoor-storage-buy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brennan JV Lands Financing for Industrial Outdoor Storage Buy\" \/>\n<meta property=\"og:description\" content=\"Ridgecut Road and Brennan Investment Group landed acquisition financing and equity for an industrial outdoor storage asset in Sayreville, N.J.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/brennan-jv-lands-financing-for-industrial-outdoor-storage-buy\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-05T11:17:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-05T11:19:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/09\/Michael-Klein-Senior-Managing-Director-JLL.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"827\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jackson Chen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/brennan-jv-lands-financing-for-industrial-outdoor-storage-buy\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/brennan-jv-lands-financing-for-industrial-outdoor-storage-buy\/\",\"name\":\"Brennan JV Lands Financing for Industrial Outdoor Storage Buy - 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