Marcus Partners, a real estate investment, management and development firm, has announced the acquisition of 250-260 Mack Place, an industrial outside storage asset in South Plainfield, New Jersey in a joint venture with Ridgecut Road, which specializes in this high-demand asset class. The company also executed a long-term lease with the current tenant, Ironclad Environmental Solutions, which is a provider of custom solutions for portable and temporary storage needs across industries.
The asset consists of a 3.63-acre site and includes two existing maintenance facilities totaling +/-13,000 SF, each with three drive-ins. The property is milled, fenced, lit and secured with a rectangular yard. 250-260 Mack Place is in a desirable I-287 corridor location, sitting approximately 1 mile from I-287 and 30 minutes south of the Port of New Jersey.
“We were able to restructure the lease with the existing tenant, a leading national provider of logistics-based environmental solutions focused on the containment of liquid and solid industrial waste,” said Scott Shalek, Principal and Co-Founder of Ridgecut Road. “The asset is extremely well-positioned within the industrial submarket of the I-287 corridor given its proximity to Port Newark and the tristate population center.”
“This is a terrific IOS asset to add to our growing Northern New Jersey industrial portfolio. IOS is a burgeoning sector within the industrial asset class and has brought diversification to our overall portfolio.” said Todd Minerley, Senior Vice President, Marcus Partners. “We look forward to increasing our IOS footprint in Northern New Jersey in addition to our primary focus in the region of acquiring existing industrial assets and potential development opportunities.
About Marcus Partners
Marcus Partners is a vertically integrated real estate firm with a strong history of successful investment, management and development. The firm is headquartered in Boston, with regional offices in Metro New York and the Mid-Atlantic. The firm focuses on strategic and opportunistic investment strategies across industrial, multifamily, life science, and other property types where it can create value and maximize risk-adjusted returns. Marcus Partners and its affiliates own, control, operate or are developing 7M+ square feet of real estate and 1,700+ multifamily units. For more information, please visit www.marcuspartners.com
Ridgecut Road 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 (i) acquiring low coverage industrial (IOS/ISF) assets and (ii) developing class A warehouse / distribution and logistics facilities. Since launching in January 2022, Ridgecut has acquired 4 low coverage industrial properties and has 500k sf of active warehouse development in the pipeline.
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. Ridgecut Road views NJ / Port Newark as our backyard and continues to benefit from taking this granular approach to the low coverage industrial market.