BRANCHBURG, NJ—Elberon Development Group, a 100-year-old family-owned commercial real estate firm based in Elizabeth, NJ, and its joint venture partner The Avidan Group, have acquired a 50,400 square-foot warehouse/distribution at 161 Meister Avenue in Branchburg, NJ, for $3.57 million. The seller was Gerri Investment Company.
FedEx currently occupies the building, which GIC built on 3.5 acres in 1988. It features 22-foot clear ceiling height, upgraded T-5 lighting, two tailboards and three drive-in doors. There is also parking for 100 cars. The building serves as a distribution center for parts of Union, Somerset and Hunterdon Counties as well as a FedEx Ship Center/drop-off location.
Scarcity of product in premiere locations made this an attractive buy for the joint venture.
“We were drawn to the building's tenancy as much as the opportunity to purchase a building in today's competitive market below replacement cost,” says Elberon vice president Terry Armstrong.
Remco Realty Group's Peter Gallicchio represented both buyer and seller.
This is the second project by the Elberon/Avidan joint venture. The other was the development of Elizabeth Logistics Center, which includes a 90,000 square-foot warehouse distribution center and a 140,000 square-foot freezer warehouse.
BRANCHBURG, NJ—Elberon Development Group, a 100-year-old family-owned commercial real estate firm based in Elizabeth, NJ, and its joint venture partner The Avidan Group, have acquired a 50,400 square-foot warehouse/distribution at 161 Meister Avenue in Branchburg, NJ, for $3.57 million. The seller was Gerri Investment Company.
FedEx currently occupies the building, which GIC built on 3.5 acres in 1988. It features 22-foot clear ceiling height, upgraded T-5 lighting, two tailboards and three drive-in doors. There is also parking for 100 cars. The building serves as a distribution center for parts of Union, Somerset and Hunterdon Counties as well as a FedEx Ship Center/drop-off location.
Scarcity of product in premiere locations made this an attractive buy for the joint venture.
“We were drawn to the building's tenancy as much as the opportunity to purchase a building in today's competitive market below replacement cost,” says Elberon vice president Terry Armstrong.
Remco Realty Group's Peter Gallicchio represented both buyer and seller.
This is the second project by the Elberon/Avidan joint venture. The other was the development of Elizabeth Logistics Center, which includes a 90,000 square-foot warehouse distribution center and a 140,000 square-foot freezer warehouse.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
