720 South Front St. in Elizabeth — Courtesy: American Equity Partners
By Joshua Burd
A real estate firm is planning major upgrades at an industrial building beneath the Goethals Bridge, following its acquisition of the 318,000-square-foot property in Elizabeth.
The owner, American Equity Partners, recently closed on its acquisition of the property at 720 South Front St. Located just east of the New Jersey Turnpike, the fully leased building sits along the Arthur Kill waterfront and is in the heart of the Port Newark-Elizabeth submarket.
Jason Crimmins of the Blau & Berg Co. was the broker on the transaction. Terms were not disclosed.
David Elkouby, founder and partner of American Equity, said the firm is now planning improvements including a new roof, parking lot, interior and exterior painting. Other plans call for updating the loading docks, lighting and electrical systems, all of which are meant to stabilize the property in the years to come.