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An 8-acre site in Middlesex County has a new owner – one making an entrance to the New Jersey market – following NAI James E. Hanson’s negotiation of a sale-leaseback for the outdoor storage property.

Scott Perkins, Chris Todd and William Ericksen represented the buyer, Industrial Outdoor Ventures of Schaumburg, Ill., in the transaction with Railroad Construction Co. announced Aug. 29. Financial terms of the deal were not disclosed.

According to NAI Hanson, the property located at 75 Glendale Ave. is Industrial Outdoor Venture’s inaugural acquisition in New Jersey. Founded in 2017, the company touts itself as the first national real estate investor specializing exclusively in outdoor storage facilities. Overall, its footprint encompasses 18 states and 835 acres of mission-critical industrial service facilities (ISF) with significant outdoor storage components, NAI Hanson said.

“The boom in industrial demand over the last several years has created a robust market for well-located outdoor storage facilities across New Jersey,” Perkins said in a statement.

In addition to its 8 acres of outdoor storage, 75 Glendale Ave. includes a 35,729-square-foot maintenance building. It is strategically located just over a mile away from the intersection of the New Jersey Turnpike and Route 18.

NAI Hanson said that general contractor Railroad Construction Co. will continue to lease the property.

“For many investors, especially those from out of state, navigating the competitive outdoor storage sector can often be a daunting task,” Perkins added. “However, our expertise in the market and creativity continue to enable us to help our clients find deals and grow their portfolios in this asset class.”

IOS

Nope, not your phone’s operating system. Take a closer look at some recent activity in the Industrial Outdoor Storage space:

• Lee & Associates brokers industrial acreage sale in South Jersey
• JLL secures acquisition financing for fully leased Paterson industrial property
• CushWake arranges Linden industrial sale