JLL Capital Markets has successfully secured $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.
Working on behalf of Oliver Street Capital, senior managing directors Jon Mikula and Jim Cadranell, along with associate John Cumming and analyst Christian Badalamenti arranged the 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 to cater specifically to the needs of industrial tenants. Additionally, there are also 8.75 usable acres dedicated to parking and outdoor storage on the property which is currently occupied by TransAmerican – a national trucking and storage company.
According to Cadranell: “The strategic location of this property in South Plainfield combined with its robust infrastructure make it an ideal asset for any industrial tenant seeking proximity to New York-New Jersey’s transportation network.” He further added that this financing deal highlights the strong market fundamentals as well as high demand for well-positioned IOS properties within New Jersey.
