An industrial property in Elizabeth that is regularly passed by New Jersey Transit commuters has a new owner.
A warehouse that is sandwiched between a residential neighborhood in Union County and the Northeast Corridor train tracks is now in the hands of another out-of-state owner.
The industrial complex at 1000-1108 Jefferson Avenue in Elizabeth was sold for $29.7 million to Elion Partners, according to a news release that was published earlier this month.
The company, which has offices in Seattle, Manhattan, and North Miami Beach, Florida, noted in the statement that this deal will expand “the firm’s last-mile portfolio and is a part of a series of acquisitions the firm has planned for its portfolio aggregation strategy across key coastal logistics markets.”
The warehouse takes up more than 200,000 square feet just south of the Newark city limits, but can only be accessed from busy thoroughfares like Routes 1 and 9 using streets that are lined at least in part by residential uses.
Property records indicate that the parcel that contained this building was previously sold less than two years ago for just under $25 million to a Boston-based company called BIV-1000 Jefferson, LLC.