Sale and financing arranged for low coverage industrial asset in Fairfield (I-287/I-80) submarket

MORRISTOWN, N.J., July 15, 2025 – JLL Capital Markets announced today that it has secured the sale and acquisition financing for a 5.78-acre low coverage industrial property in Northern New Jersey.

JLL facilitated the transaction with the buyer, Ridgecut Road, who acquired the asset from a private owner. Working on behalf of the buyer, JLL also secured a loan through Byline Bank, led by Senior Vice President Joanne Campanile, that will enable the sponsor to acquire the property, implement a capital improvement plan and season the asset.

The property, situated on 5.78 acres, consists of a 35,000-square-foot warehouse and maintenance facility with 26 to 30-foot clear heights and three oversized drive-in doors, as well as a two-story, 10,000-square-foot office building.

Located in the Fairfield (I-287/I-80) submarket, the property benefits from its strategic position just 30 minutes from the Port of Newark and proximity to major highways, including Interstate 287 (2.9 miles) and Interstate 80 (3.8 miles). The property is situated within a 10-mile radius of over 781,000 residents, providing superior access for last-mile distribution and industrial service users.

The JLL Capital Markets team facilitating the sale was led by Managing Directors Nicholas Stefans and Jason Lundy, while Senior Managing Director Michael Klein, Senior Director Max Custer and Analyst Kevin Badger led the acquisition financing.

"The property offers the flexibility that industrial tenants are seeking, especially given the scarcity of low coverage industrial sites in the region," said Klein.

Custer commented, "This asset is well-positioned to capitalize on the robust demand for the specialized property type in this dynamic submarket. Byline Bank is well-versed in the industrial space and quickly understood the property’s unique attributes that will make it attractive to future tenants."

"Given the high barriers to entry, we have seen continued institutional demand for the low-coverage industrial subsector. Ridgecut Road continues to be at the forefront of the IOS space, understanding both tenant and institutional capital demand," added Stefans.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Founded in 2021, Ridgecut Road (“Ridgecut”) is an entrepreneurial real estate investment 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's Eric and Scott Shalek have financed, developed, or executed on over $2.5 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.

Headquartered in Chicago, Byline Bank, a subsidiary of Byline Bancorp, Inc. (NYSE: BY), is a full-service commercial bank serving small- and medium-sized businesses, financial sponsors and consumers. Byline Bank operates over 40 branch locations throughout the Chicago and Milwaukee metropolitan areas. Byline Bank offers a broad range of commercial and community banking products and services, including small-ticket equipment leasing solutions, and is one of the top U.S. Small Business Administration (SBA) lenders according to the national SBA rankings by volume FY2024. Byline Bank is a member of FDIC and an Equal Housing Lender. Visit bylinebank.com for more information, and follow Byline Bank on Facebook, LinkedIn, X or Instagram for the latest news and updates.

Investor contact for Byline Bancorp, Inc.:
Brooks O. Rennie
Head of Investor Relations
Byline Bank
(312) 660-5805
brennie@bylinebank.com