228-248 North Ave. East in Elizabeth — Courtesy: The Blau & Berg Co.
By Joshua Burd
A trucking company has signed a 31,000-square-foot sublease for a terminal facility in Elizabeth, in a newly announced deal by The Blau & Berg Co.
According to the brokerage firm, the transaction at 228-248 North Ave. East comes just over a year after ICT’s original lease at the property. The subtenant, Daylight Transport, is now leasing the 54-door terminal at the same rate.
Blau & Berg’s Jason M. Crimmins, Alessandro (Alex) Conte, Peter J. Murano Jr. and Michael F. Schipper co-brokered the lease alongside the firm’s Kenneth Crimmins. They noted the facility is just south of Newark Liberty International Airport and Port Newark-Elizabeth, while it’s less than a mile from the New Jersey Turnpike.
“The appetite for terminal space a year ago was different than it is now,” said Jason Crimmins, president of Blau & Berg. “In April of 2022, a 54-door facility like this located in the Port of Newark was a rarity. Now we are seeing tempered demand and a slight correction in lease rates. For us to secure a new tenant at the same rate as a year ago is a real testament to this terminal’s prominence in the area due to its accessibility, size, and location off of the heavyweight corridor and stone’s throw from the Elizabeth Port.”
