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At almost 50 acres, a massive industrial outdoor storage portfolio recently sold, featuring several North Jersey properties.

NAI James E. Hanson announced the $156.3 million sale Oct. 15. Located in Harrison and Kearny, Senior Vice President Scott Perkins, Managing Director Christopher Todd and Associate Vice President William Ericksen represented the buyer – Ambient Capital Partners – in the purchase of the six-site package.

Located less than 10 miles from Port Newark Elizabeth, the portfolio includes:

• Harrison
  • • 310 Manor Ave.
    • 505 Manor Ave.
    • 401 Supor Blvd.
    • 500 Supor Blvd.
• Kearny
  • • 129 Sanford Ave.
    • 433 Bergen Ave.

Chicago-based Ambient Capital Partners is a real estate investment platform specializing in supply chain real estate. The company boasts particular expertise in low-coverage, high-flow-through IOS properties.

According to NAI Hanson, the North Jersey deal aligns with Ambient’s global investment strategy for IOS. “As a vital component of our increasingly complex global supply chain, the industrial outdoor storage market continues to experience strong institutional demand, especially in supply-constrained areas like northern New Jersey,” commented Todd.

“The limited availability of space makes transactions of this scale exceptionally rare, and we were thrilled to collaborate closely with our clients to successfully close this complex deal and help them achieve their real estate goals,” he continued.

107 How Lane

In another IOS move, Ridgecut Road tapped Woodbridge-based NAI DiLeo-Bram & Co. as exclusive leasing agent for 107 How Lane in New Brunswick.

A team of Managing Director and Principal Chris Galiano and Associate Vice Presidents Kyle Gerace and Robert DiLeo lead the assignment.

The New York-based buyer acquired the 6.5-acre, 38,000-square-foot industrial property over the summer. Gerace brokered that transaction — Ridgecut Road’s sixth in New Jersey.

Commenting on arranging acquisition financing for the purchase, JLL Senior Managing Director Michael Klein said the deal served as “a testament to the strength of the market and the value that this property holds.”

Set for repositioning, 107 How Lane offers a range of industrial spaces. Features include:

• A 10,300-square-foot terminal facility with 12-foot ceilings and 23 dock doors;
• A 19,500-square-foot, single-story warehouse with 14-foot to 24-foot ceilings and seven grade doors;
• An 8,000-square-foot maintenance facility with 14-foot clear ceilings and 13 grade doors; and
• Dual roadway access to How Lane and Jersey Avenue.

The property also includes ample parking, an outdoor storage area and abundant lighting, according to NAI DiLeo-Bram’s recent announcement.

“We are thrilled to continue our involvement as leasing agent with 107 How Lane and bring our deep understanding of the market, as well as the unique requirements of today’s tenants, to achieve a re-tenanting of the property with high-quality IOS users,” commented Gerace. He noted occupancy is targeted for the first quarter of 2025.

The site’s strategic location offers appeal for potential tenants. NAIDB said its work to attract occupants leverages that robust regional infrastructure, including proximity to U.S. Route 1, New Jersey Turnpike Exit 9, Outerbridge Crossing, Goethals Bridge, Newark Airport and the Ports of Newark and Elizabeth.

“New Brunswick is the hub of Central New Jersey and continues to grow with the expansion of Rutgers University,” commented Galiano. “The 107 How Lane property offers rare outside storage for tenants that need to be located where the substantial growth continues year over year.”

Editor’s note: This story was updated at 3:28 p.m. ET on Oct. 17, 2024, to change 401 Supor Road and 500 Supor Road to 401 Supor Blvd. and 500 Supor Blvd.