CENTRAL NEW JERSEY — A joint venture between Open Industrial and Heitman has bought 700 Jernee Mill Road, a Class A industrial outdoor storage property with 6.5 usable acres and 28,600 square feet of maintenance and office space in the Exit 9 submarket, JLL Capital Markets announced Oct. 21. The price was not disclosed.
The seller was a joint venture between Ridgecut Road, Brennan Investment Group and Global Gate. JLL represented the seller and procured the buyer. Built in 1988, the property has clear heights of 24 to 28 feet and 15 drive-in doors. It is 100% leased on a long-term basis to a tenant the release does not name, described as a global leader in temporary power generation and temperature control solutions. No new jobs or investment are described.
ON THE RADAR: DEAL
Buyer: Joint venture of Open Industrial and Heitman
Tenant: Not named
Seller: Joint venture of Ridgecut Road, Brennan Investment Group and Global Gate
Property: 700 Jernee Mill Road, Exit 9 submarket, central New Jersey; 6.5 usable acres with 28,600 sq ft of maintenance and office space
Price: Not disclosed
Broker: JLL Capital Markets
Type: Property sale (investor)
Announced: Oct. 21, 2026