Ridgecut Road has purchased a 4.8-acre industrial outdoor storage property in Union Township, New Jersey, according to Real Estate NJ. The seller, RCG Realty LLC, transacted through a tax-deferred Section 1031 exchange at a price of $21.7 million, with Jordan Metz of Bussel Realty Corp. representing both sides of the sale. Acquisition financing was arranged by JLL’s Michael Klein and Max Custer.
The property at 1200 Springfield Road includes an 18,500-square-foot maintenance facility comprising a maintenance shop, machine shop, and multi-floor office space. Recent capital improvements include a new roof carrying a 20-year warranty, a technology-enabled motorized security gate, upgraded lighting, epoxy flooring, and modernized HVAC systems. The site sits less than a mile from the Garden State Parkway and Route 22, approximately two miles from Interstate 78, and within a 15-minute drive of Port Newark-Elizabeth. Ridgecut Road has engaged Bussel Realty Corp. to market the property for lease.
ParkPoint Perspective
This transaction reinforces the sustained investor appetite for supply-constrained IOS assets in northern New Jersey’s logistics corridor — a market where developable infill land near major port infrastructure is structurally limited. The 1031 exchange structure on the seller’s side, combined with the simultaneous acquisition of two replacement properties, suggests active capital recycling rather than broad disposition pressure. For investors, this signals that well-located, functionally improved IOS sites continue to command institutional pricing even as broader industrial markets recalibrate — making execution quality and location specificity the primary differentiators in underwriting.
Source: Real Estate NJ