349 1st St. in Elizabeth — Courtesy: The Blau & Berg Co.
By Joshua Burd
Coach USA has sold a nearly 44,000-square-foot garage and office property in Elizabeth to a fellow transportation company, in a deal arranged by The Blau & Berg Co.
The brokerage team represented the buyer, Yankee Line, in the transaction at 349 1st St., noting that the Boston-based firm plans to use the site as a bus, motorcoach and maintenance facility. The eight-acre property includes a 30,253-square-foot high-bay bus garage and a two-story, 13,340-square-foot office building, which benefit from their access to Newark Liberty International Airport, Port Newark-Elizabeth and the New York metropolitan region.
Blau & Berg Director Ashley Rosa and senior directors Tamara Blau and Brad Jacobs represented the buyer. Terms were not disclosed.
“This facility is exactly what Yankee needed to enhance its operations in New Jersey, particularly with its growing partnership with Boxcar, a New Jersey-based commuting company that serves key communities in Morris, Essex and Bergen counties,” Rosa said. “It’s rewarding to see this deal come to fruition after navigating such a complex transaction process.
“Professional planner Phil Abramson, CEO of Newark-based Topology, was an instrumental part of the deal team. We increasingly rely on planners to help resolve complex zoning matters as part of the due diligence phase. In this case, it expedited the process and helped us avoid sites with costly and unpredictable regulatory issues quickly.”
Blau & Berg added that, with high demand for industrial properties in New Jersey, the search for a suitable site came with challenges related to zoning and access issues. That required extensive due diligence, valuation expertise and what Rosa described as strategic negotiation.
“This investment reflects our continued commitment to providing quality ground transportation with our diverse fleet of mini coaches, transit buses and motorcoaches to the greater New Jersey and New York City area,” said Donald Dunham, cofounder of Yankee Line. “From transit contract opportunities to tour operators, we’re looking forward to continuing to provide service for our existing customer base and exploring new opportunities with clients and partners that value the level of service and commitment we proudly deliver.”
Blau & Berg President Jason Crimmins added: “Yankee Line’s investment in this turnkey facility underscores the resilience of New Jersey’s industrial real estate market. We’re proud of Ashley and her team’s work on this deal, which not only reinforces her reputation as a rising star in the field but also demonstrates Blau & Berg’s ability to deliver results in complex, high-value transactions.”
