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Elberon/Avidan JV Adds 50K SF Warehouse to Portfolio

BRANCHBURG, NJ—“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 VP Terry Armstrong.

By Steve Lubetkin | stevelubetkin | Updated on January 26, 2017

161 Meister Avenue, Branchburg, NJ 161 Meister Avenue, Branchburg, NJ

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.

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