JLL arranges acquisition financing and JV equity for $23.5M IOS property in Sayreville, New Jersey

MORRISTOWN, N.J., Aug. 31, 2023 –  JLL Capital Markets announced today that it arranged acquisition financing and joint venture equity for the acquisition of 700 Jernee Mill Rd., a 10-acre site (6.5 usable acres) positioned for trailer parking and industrial outdoor storage (IOS) in Sayreville, Middlesex County, New Jersey.

JLL worked on behalf of Ridgecut Road and their partner, Brennan Investment Group, to secure the acquisition loan through a Regional Bank.

The property is located in the heart of the Middlesex County submarket and offers unmatched access to Northern New Jersey’s transportation network located 35 minutes from the Port of Newark and having direct access to Route-9 and 18 as well as to I-95 and I-287.

700 Jernee Mill Road contains a 28,500-square-foot warehouse featuring clear heights ranging from 24 to 28 feet, 14 drive-in doors, and 6.5 acres of truck parking and IOS space. It is a highly coveted low coverage industrial property that offers tenants scale, which is difficult to find in a supply diminishing market.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Michael Klein, Managing Director Matthew Pizzolato and Analyst Benjamin Morgenthal.

“The Ridgecut Road team did a tremendous job sourcing this off-market transaction and negotiating an attractive sale-leaseback which resulted in significant interest from both equity investors and lenders,” said Pizzolato.

Dean Brody, Executive Managing Director at JLL, who specializes in leasing low coverage industrial is current marketing the property for lease which will be available toward the end of this year.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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