12A — February 2025 — Central New Jersey — M id A tlantic Real Estate Journal
www.marej.com
C entral N ew J ersey
Deal is Oliver Street Capital’s largest IOS NJ acquisition NAI James E. Hanson completes $33.25 Million sale
Terreno Realty Corporation owns property The Blau & Berg Company secures ±48K s/f ind. lease
S
OUTH PLAINFIELD, NJ — NAI James E. Hanson has negotiated the $33.25M sale of an 8.84- acre industrial outdoor storage (IOS) site at 115 St. Nicholas Ave./115 Skyline Dr. in South Plainfield. Scott Perkins, SIOR, Christopher Todd, SIOR and William Ericksen represented the buyers Oliver Street Capital and Bain Capital Real Estate in the transaction with Trans Ameri- can Trucking Services. 115 St. Nicholas Ave./115 Skyline Dr. is located just off Exit 5 on I-287 with ideal acces - sibility to the New Jersey Tpke. and Garden State Pkwy. Be- yond offering superior regional connectivity, South Plainfield’s favorable zoning makes the property an ideal industrial outdoor storage investment. “Our institutional partners trust our team because of our commitment to identifying the precise properties that align with their investment strate- gies,” said Ericksen. “Despite increasing competition for IOS assets in the state, we success- fully pinpointed 115 St. Nicho - las Ave./115 Skyline Dr. as the perfect acquisition for Oliver Street Capital and Bain Capital Real Estate and worked tire- lessly to bring this deal across the finish line.” Oliver Street Capital is a val- ue-based real estate investment manager focused on acquiring, financing and managing high- quality industrial real estate assets in supply-constrained markets along the East Coast. The acquisition of 115 St. Nich - olas Ave./115 Skyline Dr. is the firm’s largest IOS acquisition in New Jersey. Established in 2010, Bain Capital Real Estate, a subsid- iary of Bain Capital, focuses on executing value-add strategies to create high-quality assets in difficult-to-access sectors at the nexus of emerging economic and demographic trends. Mitch Arthur , VP of Invest- ments at Oliver Street Capital, added, “The off-market acqui- sition of 115 St. Nicholas Ave & 115 Skyline Dr. in South Plainfield presented a unique opportunity to acquire two very functional and rare IOS sites along the I-287 Corridor. Truck terminals and maintenance facilities rarely come available for lease, and even rarer yet, for sale. This investment is a continuation of Oliver Street Capital’s thesis to acquire
Scott Perkins
Christopher Todd
William Ericksen
620 Division St.
1st Street spans 4 acres and boasts a strategic location adjacent to Route 280, merely 2 miles from Newark Liberty International Airport. This prime property offers conve- nient access to the Ports of Newark and Elizabeth, as well as key entry points to New York City. East West Hauling, a service-oriented logistics and transportation firm headquar - tered in Harrison, has estab- lished a robust reputation for delivering truckloads across the nation, underpinned by a rich history of providing timely and secure service to leading logistics brokers. “East West Hauling has flourished in this environ- ment, and their positioning within this vital logistics corri- dor is a testament to their suc- cess,” said Jason Crimmins. “What began as a single truck operated by one individual has, in just a decade, evolved into a national logistics pow- erhouse. We are genuinely delighted to witness the re- markable growth of such a valued client.” The Blau & Berg Company has secured the purchase of the ±30,253 s/f two-story office building situated on ± 8 AC at 349 1st St. in Elizabeth. The Blau & Berg Company’s Ash- ley Rosa , director with senior directors, Tamara Blau and Brad Jacobs , represented the buyer, Yankee Line. The property, formerly owned and operated by Coach USA, features a 30,253 s/f high-bay bus garage and a 13,340 s/f two-story office building near Newark Liberty International Airport, Port of Elizabeth, and the New York metropolitan region. The buyer, Yankee Line, headquartered in Boston, MA, plans to use the facility as a state-of-the-art bus, motor- coach, and maintenance facil- ity. The site is strategically located to support Yankee’s expanding commuter, tran- sit, and motor-coach services throughout New Jersey, New York City, and the broader
ELIZABETH, NJ — The Blau & Berg Company has successfully facilitated the ex- pansion of US Logistics Group, Inc. into the entire 123,025 s/f of leased space at 620 Division St. in Elizabeth. This newly renovated facil- ity, owned by Terreno Re- alty Corporation , boasts a strategic location near Routes 1 and 9, one mile from In- terstate 95 via interchange 13A, and just a few short miles south of Newark Lib - erty International Airport and the bustling port region. US Logistics Group, an es - teemed international freight forwarder, excels in both international and domestic logistics, offering compre- hensive services that include “door-to-door transportation,” real-time shipping data, and advanced tracking systems. They are also a full-service warehousing and distribution company, adept at managing the complexities of importing and exporting cargo by air and sea. “The leasing activity in this segment of the Northeast last- mile corridor has increased substantially,” said Jason Crimmins , president of The Blau & Berg Company. “We are delighted to witness US Logistics expand their pres - ence and continue their tra- jectory of success and growth. The availability of additional space at 620 Division was a significant advantage for them. Terreno Realty has done an exceptional job in renovat- ing the facility, enhancing its appeal and functionality.” The Blau & Berg Company announced the successful leasing of a ± 49,002 s/f truck - ing terminal situated outside Central NJ, at 700 1st St. in Harrison. Ken Crimmins, CCIM, SIOR , and Jason Crimmins, CCIM, SIOR, of The Blau & Berg Company, represented the tenant, East West Hauling Inc. Nestled alongside the Pas- saic River, the expansive 60- dock truck terminal at 700
115 St. Nicholas Ave.
differentiated, rare, and func- tional assets in infill locations.” Todd continued, “Over the last several years, institution- al investors have increasingly identified IOS properties as ideal portfolio diversification targets. As demand for these properties grows across New Jersey, it has become critical, especially for out-of-state in- vestors, to leverage the local market knowledge of experi- enced brokers to find and close off-market deals in the space.” Outside Central NJ, NAI James E. Hanson negotiated a 1,826 s/f retail lease with The UPS Store at The Bridgewater Shops, a 41,589 s/f shopping center located at 1300 Prince Rodgers Blvd, Bridgewater. NAI James E. Hanson’s Team Lizzack-Horning, com - prised of Darren Lizzack, MSRE and Randy Horning, MSRE , represented the own- er, 1329 Bridgewater MGMT, LLC and RIPCO Real Estate represented the tenant. “Retailers today, from lo- cal shops to international franchises, continue to seek well-located shopping centers like The Bridgewater Shops when looking to open or ex- pand their businesses,” said Lizzack. “We are thrilled to welcome an in-demand ten- ant to this property and wish them all the best as they pre- pare to open.” NAI James E. Hanson has negotiated a 1,105 s/f medical
office lease at 414 Eagle Rock Ave. in West Orange, New Jer- sey. NAI James E. Hanson’s Team Lizzack-Horning, com - prised of Darren Lizzack, MSRE and Randy Horn - ing, MSRE , represented the owner, Cort Eagle, LLC in the transaction with the tenant, Elite Concierge Medicine. Elite Concierge Medicine is a concierge medical practice, a membership-based healthcare delivery model offering pa- tients highly personalized and accessible care from their phy- sicians. The lease signals the growing presence of concierge medical practices across the state. It is projected that the US concierge medicine market is predicted to be worth nearly $18B by 2033. “Concierge medical provid- ers are the latest entrants into northern New Jersey’s al- ready competitive healthcare market,” said Lizzack. “Their arrival, combined with strong existing demand from primary and specialty care providers, has intensified competition for suburban class A medical office space in recent years.” 414 Eagle Rock Ave. is a 54,799 s/f professional and med - ical office building conveniently located just off Interstate 280 in West Orange. Renovated in 2024, the property boasts new common area carpeting, wall- paper, window blinds, elevator cabs, bathrooms, and a new digital directory. MAREJ
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