$22.3M financing secured for industrial outdoor storage properties in South Plainfield, NJ
JLL Capital Markets arranged the acquisition financing for industrial assets located at 115 St. Nicholas Avenue and 115 Skyline Drive
MORRISTOWN, N.J., Jan. 29, 2025 – JLL Capital Markets announced today it arranged $22.3 million in acquisition financing for industrial outdoor storage (IOS) properties located at 115 St. Nicholas Avenue and 115 Skyline Drive in South Plainfield, Middlesex County, New Jersey.
JLL worked on behalf of the borrower, Oliver Street Capital, to secure the acquisition loan through Byline Bank, led by Senior Vice President, Joanne Campanile.
The site consists of three buildings totaling approximately 32,000 square feet, equipped with 34 docks and seven drive-ins, catering specifically to industrial tenants' needs. It also features 8.75 usable acres dedicated to parking and outdoor storage, enhancing its appeal to logistics companies and similar businesses. The property is currently occupied by TransAmerican, a national trucking and storage company.
The properties are strategically positioned in the heart of the Middlesex submarket, offering unmatched access to Northern New Jersey's extensive transportation infrastructure, including proximity to I-287, I-95, the New Jersey Turnpike and several major highways. Additionally, the properties’ location offers exceptional connectivity to key transportation hubs in the region, including New York City, high-volume port facilities and Newark Liberty International Airport.
The JLL Debt Advisory team was led by Senior Managing Directors Jon Mikula and Jim Cadranell, Associate John Cumming and Analyst Christian Badalamenti.
"The property's strategic location in South Plainfield, coupled with its robust infrastructure, makes it an ideal asset for any industrial tenant needing proximity to the New York-New Jersey transportation network," said Cadranell. "This financing deal underscores the strong market fundamentals and high demand for well-placed IOS properties in New Jersey."
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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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 111,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Oliver Street Capital
Oliver Street Capital is a Boston-based real estate investment firm focused on acquiring industrial properties on the east coast. Oliver Street's principals founded the firm in 2014 and have acquired $2.3 billion in transactions collectively. The Oliver Street team currently owns and operates more than 6 million square feet across Greater Boston, New Jersey, Northern Virginia and Maryland. To find out more, visit www.oliverst.com.