Ridgecut Road acquires low-coverage, industrial outdoor storage service facility in Northern New Jersey
JLL Capital Markets arranged the sale of 2461 Iorio Street in Union, NJ
MORRISTOWN, N.J., Nov. 12, 2024 – JLL Capital Markets announced today the sale of a low-coverage, industrial service facility on +/-2.5 acres located at 2461 Iorio Street in Union, New Jersey.
JLL represented both the buyer and seller in this transaction, with Ridgecut Road acquiring the asset. Ridgecut Road is one of the preeminent owners of low coverage industrial (IOS/ISF) properties in NJ and operates a growing portfolio of class A, mission critical industrial and outdoor storage assets throughout the market.
Situated in the heart of the Route 78 and Hwy 22 submarket, 2461 Iorio Street features a service facility with 15-foot clear heights, one loading dock and four drive-in bays. Additionally, the site offers +/-2.5 acres of secure, outdoor storage.
2461 Iorio Street benefits from its accessibility to major Northern New Jersey logistical thoroughfares such as Hwy 22, I-78, I-95 and the Garden State Parkway. In addition, the asset is nine miles from Newark Airport and 11.5 miles from Port Newark.
The JLL Investment Sales and Advisory team was led by Director Jason Lundy, Senior Managing Director Marc Duval, Managing Director Jordan Avanzato and Director Nicholas Stefans.
"The outdoor storage and low-coverage industrial sectors continue to benefit from institutional investment demand. There is competitive capital in the marketplace seeking exposure to alternative industrial investments, especially within infill locations where demand is driven by the need for proximity to customers, logistic hubs and key transportation infrastructure," said Lundy. "Ridgecut Road has been at the forefront of the IOS and low-coverage sector, and we’re looking forward to seeing their success as they continue to build their portfolio."
"Ridgecut is excited to add this infill low coverage industrial asset to our growing portfolio of IOS properties," noted Scott Shalek, one of the principals and co-founders of Ridgecut Road, alongside his identical twin brother Eric. "We recognize the inherent value in the property given its proximity to Port Newark coupled with its access to the dense population center and consumer base in the surrounding Northern and Central New Jersey markets as well as the New York City metro."
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 Ridgecut Road
Founded in 2021, Ridgecut Road (“Ridgecut”) is an entrepreneurial real estate investment firm focused in the industrial asset class within New Jersey and New York. Ridgecut's business is bifurcated between two investment strategies -- owning and operating low coverage industrial (IOS/ISF) assets and developing class A warehouse/distribution and logistics facilities.
Ridgecut Road's principal's Eric and Scott Shalek have financed, developed, or executed on over $2.5 billion of real estate transactions over the course of their careers. Eric and Scott are identical twin brothers who grew up in Bergen County, NJ and call the NYC Metro / Port Newark home. Ridgecut invests in class A industrial assets located within its backyard / target market allowing the firm to take a granular investment approach grounded in favorable supply / demand fundamentals and real-time data and invest in opportunities with asymmetric risk – both protecting downside and achieving outsized returns.
Ridgecut Road's low coverage industrial (IOS/ISF) portfolio consists of class A assets located in NJ. Ridgecut owns and operates high-quality assets that are mission critical both to its tenants and the greater supply chain. The IOS/ISF asset class continues to experience rent growth and asset appreciation supported by increasing demand from credit tenancy and diminishing supply.