21 Caven Point Avenue, Jersey City, NJ
JERSEY CITY, NJ—Simi Capital and Criterion Group have purchased a 135,000 square foot industrial building situated on six acres at 21 Caven Point Avenue in Jersey City, NJ from a joint venture of Avidan Management and Elberon Development Group for $16.5 million.
According to Real Capital Analytics, a proprietary research database, the Avidan-Elberon joint venture acquired the property in January.
The property is located less than three miles from the Holland Tunnel and is part of the Port Industrial Submarket serving as a distribution hub for Lower Manhattan and Brooklyn. This submarket of 74 million square feet has a vacancy of only 3.1%. The partnership closed on the acquisition after it executed a lease for the entire property with an industrial tenant out of the New York City market.
“We are delighted with the acquisition of this prime industrial property in a strategic New York/New Jersey market location,” says Andrew Skydell, founder of Simi Capital. The property is ideally located to serve the growing demand for last-mile distribution facilities in the Northeast, and we are confident of the long term desirability for this extremely well positioned industrial space.”
Criterion Group is based in New York City and was founded in 2002 by Shibber Khan. Andrew Skydell, before founding Simi Capital in 2017, was with Innovo Property Group. Simi Capital is a New York-based national real estate investment firm with a focus on value add acquisitions.
Jordan Metz of Bussel Real Estate represented the sellers, and the lease was arranged by Lubna Abbassi of North Globe Properties.
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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].
