Ridgecut, Brennan, and GGC JV complete successful business plan with sale of 700 Jernee Mill Road to a newly formed joint venture between Open Industrial and Heitman 

• JLL Capital Markets arranged the sale of 700 Jernee Mill Road, a Class A industrial outdoor storage facility totalling 6.5 usable acres and 28,600 square feet of maintenance and office space.

• The newly formed joint venture between Open Industrial and Heitman acquired the fully leased asset on behalf of their separately managed account with the State of Hawaii from a joint venture between Ridgecut Road, Brennan Investment Group and Global Gate.

• The property features 6.5 usable acres with 28,600 square feet of maintenance and office space, 15 drive-in doors, 24’ – 28’ clear height, 2000 amps of power, and is strategically positioned near Interstate 95, Route 9 and Interstate 287.

MORRISTOWN, N.J., Oct. 21, 2026 – JLL Capital Markets group announced today the sale of 700 Jernee Mill Road, a fully leased, Class A IOS asset located within the Exit 9 submarket.

JLL represented the seller, a joint venture between Ridgecut Road, Brennan Investment Group, and Global Gate while also having procured the buyer, a joint venture between Open Industrial and Heitman.

Constructed in 1988, the property comprises 6.5 usable acres and features a low-coverage industrial configuration designed to support outdoor storage, fleet maintenance, and equipment servicing operations.

The facility is 100% leased on a long-term basis to a global leader in temporary power generation and temperature control solutions. The asset includes maintenance and office space, clear heights ranging from 24 to 28 feet and 15 drive-in doors. Recent capital improvements include office renovations, electrical and power upgrades, fencing and landscaping enhancements, additional grade-level loading and the installation of a wash bay, further improving the property's operational functionality.

Located within central New Jersey's infill industrial market at Exit 9, the property offers direct access to U.S. Route 9, U.S. Route 18, Interstate 287 and the New Jersey Turnpike. The site is strategically positioned near the Port of New York and New Jersey, Newark Liberty International Airport and major population centers throughout the Northeast Corridor, providing connectivity to critical supply chain and distribution networks. Its location supports a broad range of industrial users requiring outdoor storage, fleet operations, equipment maintenance and logistics services.

The property serves one of the deepest labor markets in the country, drawing from a substantial workforce across manufacturing, logistics, construction and service industries. The Northern New Jersey market continues to benefit from its proximity to major transportation infrastructure, dense population concentrations and limited availability of industrial outdoor storage properties.

The JLL Capital Markets team was led by Managing Directors Jason Lundy and Nicholas Stefans, along with Senior Analyst Luke Ceccoli. Dean Brody, Vice Chairman of JLL’s Leasing Advisory team also assisted in the transaction.

"700 Jernee Mill Road offered investors the opportunity to acquire a highly functional industrial outdoor storage asset benefitting from globally recognized tenancy and Class A specifications in a market where new supply is exceptionally difficult to create," said Stefans.

"As capital continues to flow into alternatives, including core and core+, we anticipate IOS and low-coverage industrial assets to benefit from an increased allocation to the asset class,” added Lundy.

“It was a pleasure to work through this transaction with the JLL Capital Markets team who provided a steady hand to navigate the transaction when complexities arose – Lundy and Stefans possess a unique understanding of the IOS sector,” said Scott Shalek, Principal and co-Founder at Ridgecut Road. “Ridgecut is excited to have successfully round tripped another business plan. This was a fantastic outcome and testament to the team’s ability to identify and execute — delivering outsized risk-adjusted yield for our investors as a vertically integrated and leading IOS operator.”

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 112,000 as of June 30, 2026. 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.

Global Gate is an independent Diversified Financial Group delivering wealth management, asset management, private banking, insurance and alternative investment management (private equity and real estate) activities. Founded in 2013 with a vision to build a global institution that stands the test of time, the Group manages $8bn in assets and operates across seven offices – London, Geneva, New York, Paris, Luxembourg, Dubai and Beirut. Global Gate puts its clients’ interests at the heart of everything it does, delivering a full-spectrum approach to protecting their assets, growing their wealth, and building relationships that last across generations. Global Gate’s real estate portfolio focuses on the United States, Germany, France, and the United Kingdom, encompassing approximately USD 3 billion. In the United States, the company manages over 4 million square feet of assets in core markets such as New York City, Atlanta, South Florida, and Chicago, covering asset classes including industrial, residential, and retail properties.

Founded in 2020, Open Industrial is a Bethesda, MD-based real estate private equity firm that owns and operates industrial outdoor storage assets in markets across the U.S. Open Industrial employs a technologically enabled, data-driven approach to inform decision-making across acquisitions, asset management, leasing, and dispositions. As an early mover into the IOS sector, Open Industrial leverages its vertically integrated team and established IOS track record to deliver best-in-class asset management and create long-term value through hands-on property optimization and tenant relationships. For more information, please visit https://openindustrial.com/.