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  • Writer's pictureMAREJ

JLL works on behalf of Ridgecut Road & Brennan Investment Group to secure acquisition financing for

Sayreville, NJ — JLL Capital Markets announced that it arranged acquisition financing and joint venture equity for the acquisition of 700 Jernee Mill Rd., a 10-acre site (6.5 usable acres) positioned for trailer parking and industrial outdoor storage (IOS) in Sayreville, Middlesex County.

JLL worked on behalf of Ridgecut Road and their partner, Brennan Investment Group, to secure the acquisition loan through a regional bank.

The property is located in the heart of the Middlesex County submarket and offers unmatched access to Northern New Jersey’s transportation network located 35 minutes from the Port of Newark and having direct access to Rte. 9 and 18 as well as to I-95 and I-287.

700 Jernee Mill Rd. contains a 28,500 s/f warehouse featuring clear heights ranging from 24 to 28 feet, 14 drive-in doors, and 6.5 acres of truck parking and IOS space. It is a highly coveted low coverage industrial property that offers tenants scale, which is difficult to find in a supply diminishing market.

The JLL Capital Markets Debt Advisory team was led by senior managing director Michael Klein, managing director Matthew Pizzolato and analyst Benjamin Morgenthal.

“The Ridgecut Road team did a tremendous job sourcing this off-market transaction and negotiating an attractive sale-leaseback, which resulted in significant interest from both equity investors and lenders,” said Pizzolato.

In other JLL news, JLL Capital Markets announced that it arranged the sale of Courthouse Square, a 120,031 s/f office building located in historic Old Town Alexandria, Virginia.

JLL represented the seller and procured the buyer, Melrose Solomon Enterprises. JLL also arranged acquisition financing on behalf of the buyer.

Located in the heart of Old Town Alexandria at 510 King St., the five-floor building boasts full-block frontage along one of Washington D.C.’s premier retail corridors, providing tenants access to premier dining, shopping, and entertainment. It also has ideal proximity to the Alexandria Waterfront, Metrorail and many parks and trails along the Potomac River.

The JLL Capital Markets Investment Sales team was led by Stephen Conley, Matt Nicholson, Kevin Byrd, Andrew Weir, Jim Meisel and Dave Baker. The financing was led by Drake Greer.


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