ELIZABETH,NJ–Fairmount Redevelopment Group has acquired a 7.7-acre industrial redevelopment site here at 900 Fairmount Avenue on which it plans to build starting this year.
Plans call for a 100,000-square-foot distribution center and three acres for trailer storage, according to Josh Avidan of The Avidan Group. Avidan, along with Dave Gibbons of Elberon Development Group, lead the Fairmount company.
"We are excited and look forward to this rare opportunity of developing a project that is literally in the backyard of Port Newark." Avidan tells GlobeSt.com.
The site has direct access to Port Newark-Elizabeth marine terminals, immediate access to the New Jersey Turnpike, and is close to Newark Liberty International Airport. The purchase price was $5 million according to HFF, which represented the seller, Oakmont Hayward I LLC.
The HFF team representing the seller was led by managing director Michael Nachamkin
Fairmount Redevelopment Group is a local based investor and developer of industrial properties with a long history in the market.
It also owns and leases an office building at 1201 Corbin Street in Elizabeth, which is leased to various tenants who are active in the import/export and transportation industries. A significant part of that building has beeny occupied by various government agencies.
Fairmount Redevelopment Group and The Avidan Group are affiliates of Avidan Management, a family owned and operated real estate company with a 40-year history in northern New Jersey.
The company specializes in industrial development that serves the major population centers of the Northeast.
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