South 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 American Trucking Services.
115 St. Nicholas Ave./115 Skyline Dr. is located just off Exit 5 on I-287 with ideal accessibility to the New Jersey Tpke. and Garden State Pkwy. Beyond 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 strategies,” said Ericksen. “Despite increasing competition for IOS assets in the state, we successfully pinpointed 115 St. Nicholas Ave./115 Skyline Dr. as the perfect acquisition for Oliver Street Capital and Bain Capital Real Estate and worked tirelessly to bring this deal across the finish line.”
Oliver Street Capital is a value-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. Nicholas Ave./115 Skyline Dr. is the firm’s largest IOS acquisition in New Jersey.
Established in 2010, Bain Capital Real Estate, a subsidiary 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 Investments at Oliver Street Capital, added, “The off-market acquisition 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 differentiated, rare, and functional assets in infill locations.”
Todd continued, “Over the last several years, institutional 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 investors, to leverage the local market knowledge of experienced 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, comprised of Darren Lizzack, MSRE and Randy Horning, MSRE, represented the owner, 1329 Bridgewater MGMT, LLC and RIPCO Real Estate represented the tenant.
“Retailers today, from local shops to international franchises, continue to seek well-located shopping centers like The Bridgewater Shops when looking to open or expand their businesses,” said Lizzack. “We are thrilled to welcome an in-demand tenant to this property and wish them all the best as they prepare 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 Jersey. NAI James E. Hanson’s Team Lizzack-Horning, comprised of Darren Lizzack, MSRE and Randy Horning, 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 patients highly personalized and accessible care from their physicians. 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 providers are the latest entrants into northern New Jersey’s already 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 medical office building conveniently located just off Interstate 280 in West Orange. Renovated in 2024, the property boasts new common area carpeting, wallpaper, window blinds, elevator cabs, bathrooms, and a new digital directory.