Updated Oct 21, 2026
SOLDIndustrial
Michael McCaffrey & Blake Potolicchio Acquire Industrial Asset In Sayreville For $36M
700 Jernee Mill Road
$36,000,000
$1,258/SF
Building Size
28,600 SF
Asset Type
Industrial
Closing
Oct 13, 2026
About this deal
AI
The property asset involved in this transaction is located at 700 Jernee Mill Road in the Exit 9 market of Sayreville. The industrial property encompasses 28,600 square feet and sits on 6.5 acres. The sale price for this asset was $36,000,000, translating to a price per square foot of $1,258.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $36,000,000
- Square Footage: 28,600
- Address: 700 Jernee Mill Road
- Market: Exit 9, Sayreville
- Acres: 6.5
- Buyer: Michael McCaffrey & Blake Potolicchio - Open Industrial & Heitman
- Seller: Eric Shalek & Scott Shalek - Ridgecut Road, Brennan Investment Group & Global Gate
- Brokers: Jason Lundy & Nick Stefans - JLL
The transaction involved key individuals from both the buyer and seller sides, with Michael McCaffrey and Blake Potolicchio representing the buyers from Open Industrial & Heitman. The sellers, Eric Shalek and Scott Shalek, were associated with Ridgecut Road, Brennan Investment Group & Global Gate. The brokerage team from JLL, comprising Jason Lundy and Nick Stefans, facilitated the deal.
On the Map
$36,000,000
$1,258/SF
Industrial
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Players
Sayreville Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.44%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93