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.
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.