70 Gould Ave. in Newark — Courtesy: The Silverman Group
By Joshua Burd
The Silverman Group has acquired an industrial facility in Newark, with plans to update the property as it looks to capture ongoing tenant demand in the submarket.
According to the firm, the site at 70 Gould Ave. includes a 71,746-square-foot warehouse just south of Interstate 280 and minutes from other major highways. The 2.864-acre site also provides valuable outdoor storage and a dedicated trailer yard, features that are increasingly difficult to find in northern New Jersey’s land-constrained industrial market.
Silverman secured the property in an off-market deal and has retained CBRE as its leasing agent, the firm said. Terms of the sale were not disclosed.
“Urban infill assets with this level of connectivity are becoming increasingly difficult to acquire,” said Blake Silverman, the company’s president. “This acquisition aligns perfectly with our investment strategy of identifying well-located industrial properties where thoughtful repositioning can unlock long-term value. Northern New Jersey remains one of the country’s strongest industrial markets, and we see tremendous opportunity to enhance this asset while delivering high-quality space to modern industrial users.”
Based in the Basking Ridge section of Bernards Township, Silverman said it expects 70 Gould Ave. to attract a broad range of warehouse, manufacturing, distribution, ecommerce and last-mile logistics users. Other nearby highways include Interstate 78, the New Jersey Turnpike and Route 21, while Port Newark-Elizabeth and Newark Liberty International Airport are less than 10 miles away.
“Our focus is on creating functional industrial space that meets the operational requirements of today’s tenants,” said Toby Nelson, executive vice president of leasing at The Silverman Group. “This property’s accessibility, infill location and proximity to the port, airport and major highways make it an outstanding opportunity for companies seeking efficient regional distribution and last-mile capabilities. We look forward to repositioning the asset and bringing it to market.”
