JLL, NAI Hanson Arrange Sale of Northern NJ IOS Portfolio

JLL and NAI James E. Hanson arranged the $68.5-million sale of an industrial outdoor storage (IOS) portfolio located at 2120 McCarter Hwy. in Newark and 76 Central Ave. in Kearny, NJ. JLL also arranged $52.2 million in acquisition financing for the 14.97-acre portfolio on behalf of the buyer, Outpost.

NAI Hanson senior managing directors Jordan Avanzato and Christopher Todd, along with managing director William Ericksen of the firm’s Institutional Services Group, Capital Markets & Leasing Team, represented the sellers, Meadow Partners and Criterion Group.

For Outpost, JLL managing directors Jason Lundy and Nick Stefans provided representation, along with senior analyst Luke Ceccoli from JLL’s Capital Markets group, as well as vice chairman Dean Brody from JLL’s Brokerage group. Senior managing director Michael Klein, senior director Max Custer and senior analyst Michael Donohoe represented Outpost in securing acquisition financing.

“Infill, industrial outdoor storage assets continue to attract institutional capital demand given the supply and demand imbalances,” said Lundy. “This portfolio represents the quality and location of assets that outperform their competitive set.”