JLL Capital Markets arranged $22.3 million in acquisition financing for industrial outdoor storage (IOS) properties located at 115 St. Nicholas Ave. and 115 Skyline Dr. in South Plainfield, Middlesex County, NJ. Senior managing directors Jon Mikula and Jim Cadranell, associate John Cumming and analyst Christian Badalamenti worked on behalf of Oliver Street Capital to secure the acquisition loan through Byline Bank.

The site includes three buildings totaling approximately 32,000 square feet, equipped with 34 docks and seven drive-ins, catering specifically to industrial tenants’ needs. It also features 8.75 usable acres dedicated to parking and outdoor storage. The property is currently occupied by TransAmerican, a national trucking and storage company.

“The property’s strategic location in South Plainfield, coupled with its robust infrastructure, makes it an ideal asset for any industrial tenant needing proximity to the New York-New Jersey transportation network,” said Cadranell. “This financing deal underscores the strong market fundamentals and high demand for well-placed IOS properties in New Jersey.”

Continental Realty Corporation, on behalf of Continental Realty Fund IV, L.P., has completed the sale of Ridge Plaza, a nearly 140,000 square-foot retail center located at 9000-9200 W State Rd 84 in Davie, Florida, for $22.25 million. JLL represented CRC in the sales transaction.

After acquiring the asset in 2017, the Baltimore-based real estate investment company individually sold all six of the free-standing pad sites at the center for a total price of about $13.1 million. One of those pad sites was a vacant land parcel that was ultimately sold to a local medical office group to develop their own building. With the sale of the shopping center, CRC generated a total exit value of approximately $35.35 million, compared to the company’s purchase price of $21.3 million.

Located in Broward County, Ridge Plaza was approximately 99 percent leased at the time of sale. Anchored by Paragon Theaters, Goodwill Industries and Off The Wall, the center consists of about 15 retailers, restaurants, and other specialty service providers.