Ridgecut Road drops $37M on a South Plainfield yard: NJ IOS keeps getting tighter

Ridgecut Road closed on a 7.81-acre industrial outdoor storage property in South Plainfield, NJ for $37 million, backed by Cushman & Wakefield structured finance and brokered by NAI James E. Hanson's institutional services group. Also this window: Doors & Spaces Industrial picks up a Voorhees flex building for $4.125M, and the Metz Industrial Group keeps landing Port-adjacent IOS leases in Linden.

🏭 The Headliner: Ridgecut Road Locks Down 200 St. Nicholas Avenue

Ridgecut Road acquires 7.81-acre IOS site with dual maintenance facilities in South Plainfield, NJ

Ridgecut Road just added the largest standalone IOS asset in its portfolio, closing on a fully fenced, dual-access property minutes from I-287 in Middlesex County. The site features two maintenance buildings with oversized drive-in doors and five-ton overhead cranes: a 20,000 SF facility with nine oversized doors and a 10,000 SF facility with three oversized doors. Seller JESCO Equipment, the sole authorized John Deere construction and forestry dealer for New Jersey, New York, and Delaware, entered into a short-term license agreement at closing.

The deal underscores a theme that is accelerating in early 2026: institutional capital is competing aggressively for infill IOS in New Jersey, where zoning restrictions and limited developable land keep supply permanently constrained. Cushman & Wakefield's TJ Sullivan called the transaction "a testament to immense capital appetite for well-located IOS sites in infill markets."

**Transaction Details:**

**Purchase Price:** $37 million
**Property:** 200 St. Nicholas Avenue, South Plainfield, NJ
**Site:** 7.81 acres | 30,069 SF (two buildings)
**Seller:** JESCO Equipment (John Deere construction/forestry dealer, Northeast)
**Buyer Lead:** Scott Shalek, Principal, Ridgecut Road; Eric Shalek, Principal, Ridgecut Road
**Buyer's Broker:** Jordan Avanzato, SIOR, Senior Managing Director; Christopher D. Todd, SIOR, Senior Managing Director; William Ericksen, SIOR, CCIM, Managing Director - NAI James E. Hanson Institutional Services Group
**Acquisition Financing:** John Alascio, Executive Managing Director; TJ Sullivan, Executive Director; Chris Meloni - Cushman & Wakefield Equity, Debt & Structured Finance
**Key Features:** Fully fenced perimeter, dual access points, five-ton overhead cranes, wash area, office/conference space, heavy power, oversized drive-in doors (9 + 3)

🔥 Other Deals That Closed (Apr 12-15, 2026)

DEAL #2: VOORHEES, NJ

#### Doors & Spaces Industrial acquires 32,850 SF multi-tenant flex building

Doors & Spaces Industrial, a Morristown-based ownership and development firm, purchased a multi-tenant industrial-flex building at 476 Centennial Blvd. in Voorhees for $4.125M. The 6.85-acre site is zoned for industrial outdoor storage, adding another South Jersey IOS-adjacent asset to the firm's growing portfolio.

**Property:** 476 Centennial Blvd., Voorhees Township, NJ
**Site:** 6.85 acres
**Improvements:** 32,850 SF multi-tenant industrial-flex
**Price:** $4.125 million

📝 Leases Signed

LINDEN, NJ: 1-Acre IOS Lease to Alpha Cargo Transport

**Property:** 1600 Lower Road, Linden, NJ
**Site:** 1 acre of industrial outdoor storage
**Tenant:** Alpha Cargo Transport
**Landlord:** 1600 Lower Road Associates
**Landlord Rep:** Jordan Metz, Principal, Metz Industrial Group (Bussel Realty Corp.)
**Tenant Rep:** CBRE

The Metz Industrial Group also leased 20,000 SF at 2500 Brunswick Ave. (Building B) in Linden to Weida Freight Systems in the same period, underscoring that sub-50,000 SF industrial and IOS product near Port Newark/Elizabeth continues to clear at pace.

📊 Market Intel Spotlight: New Jersey Tri-State IOS

The Most Competitive IOS Market Nationwide Keeps Getting Tighter

New Jersey's tri-state industrial corridor remains the tightest IOS market in the country, and the Ridgecut Road deal proves that institutional capital is still willing to pay premium pricing for functional, well-located assets. NAI Hanson's Christopher D. Todd said it plainly: "Infill IOS supply in New Jersey is exceptionally constrained, which continues to fuel competition among buyers looking to scale their portfolios."

**Market Snapshot (Q1 2026):**

**New Jersey Industrial Net Absorption (Q1):** 3.4 msf, one of the strongest port-proximate markets nationally (Cushman & Wakefield)
**IOS Cap Rates (Primary Markets):** 6.00%-6.75% (Matthews 2026 IOS Sector Update)
**IOS Vacancy (Primary Markets):** 4-6%, with fully improved/paved/secured sites below 4% (Matthews)
**National IOS Rent Growth:** 123% since 2020, more than double bulk warehouse growth (Newmark)
**Demand Drivers:** Port Newark/Elizabeth (8.8M+ TEUs in 2025), I-95/I-287 corridor access, construction/materials/logistics tenants

📈 Operating Context

Cushman & Wakefield Q1 2026: Industrial Vacancy Has Likely Peaked

National industrial vacancy ended Q1 2026 at 7.0%, unchanged from year-end but 10 basis points below the Q3 2025 peak. Net absorption hit 40 msf, up 52% year over year and the strongest Q1 since 2023. New completions fell 27% YoY to 54 msf, the lowest since mid-2017.

**Practical takeaway:** IOS vacancy at 4-6% is dramatically tighter than the broader industrial market at 7%, reinforcing the rent premium story for outdoor storage operators and aggregators.

C.H. Robinson April 2026: Truckload Costs Up 16-17% YoY, Diesel Above $5.40

Truckload markets are tightening faster than expected in 2026, with costs now projected up 16-17% year over year. Diesel climbed from $3.72 to over $5.40 per gallon in March, the highest since mid-2022.

**Practical takeaway:** Higher trucking costs push fleet operators toward proximate yard storage to minimize deadhead miles, directly supporting IOS demand in logistics corridors.

Matthews 2026 IOS Sector Update: $218B Asset Class, 6-8% Rent Growth Projected

The IOS market is now estimated at $218 billion, up from $200 billion in 2025 (nearly 9% YoY growth). Transaction volume in 2025 reached $14-16 billion, a 15-20% increase over 2024. IOS rents grew 8-10% in 2024, 7-9% in 2025, and are projected to expand another 6-8% in 2026.

**Practical takeaway:** The institutionalization thesis is playing out: longer lease terms (4-6 years vs. 2-3 in 2023), expanding WALTs (4.5+ years vs. 2.5 in 2022), and cap rate compression of 25-50 bps over 12 months in top-tier markets.

👥 People Moves

Naveed Shalwani Joins APEX IOS as VP of Finance, Controller

Naveed Shalwani joined APEX IOS as Vice President of Finance, Controller, bringing prior experience at Clarion Partners and Valiant Residential. The hire adds financial management depth to APEX's expanding Florida/Georgia/Carolinas IOS platform.