1 Slater Drive in Elizabeth — Courtesy: Cushman & Wakefield
By Joshua Burd
A fully leased, 240,000-square-foot industrial building near Port Newark-Elizabeth has changed hands for nearly $35 million, brokers with Cushman & Wakefield announced.
In a news release, the firm said it represented an undisclosed seller in the transaction at 1 Slater Drive in Elizabeth, which is home to seven tenants and sits on 8.18 acres. A private buyer paid $34.5 million for the property.
“1 Slater Drive offers a rare value-add opportunity of scale in an ideal location nearly adjacent to Port Newark-Elizabeth,” C&W’s Kyle Schmidt said. “Fully leased to a diverse tenant roster and situated in an Opportunity Zone, it’s no surprise we saw strong interest in this asset.”
The C&W team of Gary Gabriel, Schmidt, Ryan Larkin, Eli Millstein, Chuck Fern and Gary Casaletto brokered the deal, noting that 1 Slater is a mile from Port Newark-Elizabeth and features 58 loading positions, 200-foot depth, a 185-foot truck court, 110 trailer drops and an adjacent lot for tractor and employee parking.
The building is also minutes from Newark Liberty International Airport and Exit 13A of the New Jersey Turnpike.
