JLL Capital Markets has successfully arranged $22.3 million in acquisition financing for two industrial outdoor storage (IOS) properties located at 115 St. Nicholas Ave. and 115 Skyline Dr. in South Plainfield, Middlesex County, NJ.
Led by senior managing directors Jon Mikula and Jim Cadranell, along with associate John Cumming and analyst Christian Badalamenti, the team worked on behalf of Oliver Street Capital to secure the acquisition loan through Byline Bank.
The site consists of three buildings spanning approximately 32,000 square feet with a total of 34 docks and seven drive-ins designed specifically to meet the needs of industrial tenants. Additionally, there are 8.75 usable acres dedicated to parking and outdoor storage space available on the property which is currently occupied by TransAmerican – a national trucking and storage company.
According to Cadranell: “This property’s prime location in South Plainfield combined with its excellent infrastructure make it an ideal asset for any industrial tenant seeking close proximity to New York-New Jersey transportation networks.” He also noted that this financing deal highlights strong market fundamentals as well as high demand for strategically placed IOS properties within New Jersey.
