JLL secures acquisition financing for industrial outdoor storage property in Union, New Jersey

MORRISTOWN, N.J., July 28, 2026 – JLL Capital Markets announced today that it arranged acquisition financing for 1200 Springfield Road, a five-acre industrial outdoor storage (IOS) property featuring an 18,500-square-foot maintenance facility located in Union, New Jersey.

JLL worked on behalf of borrower, Ridgecut Road, to secure the loan through a regional bank. The acquisition includes a short-term sale-leaseback that provides immediate cash flow while the sponsor executes its leasing strategy to secure a long-term tenant.

The property features an 18,500-square-foot maintenance facility offering 16-foot clear heights and five drive-in doors. Situated on a site specifically designed for industrial outdoor storage, the property can readily accommodate the full spectrum of IOS tenant verticals. Recent comprehensive capital improvements include a new roof with a 20-year warranty, complete paving throughout the site, upgraded perimeter security fencing with electric gates, enhanced lighting across the property, epoxy flooring within the warehouse and modernized office interiors equipped with new HVAC systems. The facility serves trucking, drayage and freight, equipment rental and sales, container and material storage, e-commerce, transportation, fleet service and maintenance, last-mile delivery and a broad range of contractors and trades, including subcontractors in electrical, mechanical, HVAC, plumbing, utility and heavy infrastructure-related operations.

Located less than one mile from the Garden State Parkway and Route 22, and approximately two miles from Interstate 78, the property offers direct access to Northern New Jersey's primary transportation network. The site sits 15 minutes from the Port of Newark-Elizabeth and serves a 60-minute drive time population exceeding 12.7 million people.

The site offers long-term operational viability for industrial and outdoor storage tenants in a market where available supply is extremely limited for high-quality class A IOS facilities.

The JLL Capital Markets team representing the borrower included Michael Klein, Max Custer, Nazario Paragano and Kevin Badger.

"We continue to see robust lending appetite for well-located industrial outdoor storage assets in Northern New Jersey's supply-constrained market," said Custer. "The asset class serves a critical part of the regional logistics infrastructure, and lenders recognize the strong fundamentals driving demand from a diverse tenant pool."

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of December 31, 2025. For over 200 years, clients have trusted JLL, a Fortune 500^® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. 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 WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

Founded in 2021, Ridgecut Road (“Ridgecut”) is a vertically integrated real estate investment, management, and development 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 Eric and Scott Shalek have financed, developed, or executed on over $3 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 is the leading operator of class A low coverage industrial assets (IOS/ISF) 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.