An institutional industrial outdoor storage portfolio in Northern New Jersey has changed hands in a transaction arranged by JLL and NAI James E. Hanson. The properties, located at 2120 McCarter Hwy. in Newark and 76 Central Ave. in Kearny, NJ, were sold for $68.5 million. The sale involved a 14.97-acre portfolio that is fully dedicated to industrial outdoor storage uses.
As part of the transaction, JLL also arranged $52.2 million in acquisition financing on behalf of the buyer, Outpost. The financing was structured to support Outpost’s purchase of the portfolio, underscoring ongoing lender interest in well-located industrial outdoor storage assets. Specific loan terms were not disclosed, but the mandate covered the full portfolio and was secured in conjunction with the sale.
The sellers, Meadow Partners and Criterion Group, were represented by an NAI James E. Hanson team from the firm’s Institutional Services Group, Capital Markets & Leasing Team. Senior managing directors Jordan Avanzato and Christopher Todd, together with managing director William Ericksen, led the disposition efforts on behalf of the ownership. Their role encompassed marketing the assets and negotiating the sale to Outpost.
On the buy side, Outpost was represented by a JLL team drawn from both its Capital Markets and Brokerage groups. Managing directors Jason Lundy and Nick Stefans worked with senior analyst Luke Ceccoli from JLL’s Capital Markets group, as well as vice chairman Dean Brody from JLL’s Brokerage group, to advise Outpost on the acquisition. JLL’s involvement extended across both the investment sales and capital markets components of the deal.
For the acquisition financing, JLL assembled a separate capital markets team to secure the debt package for Outpost. Senior managing director Michael Klein, senior director Max Custer and senior analyst Michael Donohoe represented the buyer in arranging the $52.2 million in acquisition financing. Their mandate focused on sourcing and structuring capital to support the purchase of the two-property industrial outdoor storage portfolio.
Commenting on the broader market backdrop, Lundy noted that infill industrial outdoor storage properties continue to draw significant institutional capital. He cited supply and demand imbalances as a key driver of investor interest, adding that this particular portfolio reflects the caliber and positioning of assets that tend to outperform competing properties. The transaction highlights the continued appeal of strategically located industrial outdoor storage in dense Northern New Jersey submarkets, where land-constrained, infill locations offer durable demand characteristics for logistics and industrial users.
