827-833 Bond St. in Elizabeth — Courtesy: Investment Property Realty Group
By Joshua Burd
A private investor has purchased the site of a nearly 11,000-square-foot warehouse in Elizabeth, in a newly announced deal by Investment Property Realty Group.
According to the listing team, the property at 827-833 Bond St. changed hands for $1.4 million after a marketing process that included more than 20 tours and resulted in more than a dozen qualified offers. Its new owner, an all-cash investor, now plans to lease the vacant 10,735-square-foot facility to an industrial tenant.
IPRG Managing Partner Yanni Marmarou and Director Jack Drillock arranged the sale, which was completed at 88 percent of the initial asking pricing.
“This sale demonstrates the depth of demand for well-located, flexible-use assets in Elizabeth and across northern New Jersey,” said Marmarou, who leads the firm’s New Jersey team. “We saw tremendous investor interest in this opportunity, from end-users to investors, underscoring the continued strength of this submarket.”
In a news release, IPRG noted that the warehouse sits on an 11,040-square-foot lot and is currently divided into two functional spaces. The larger section, which measures some 7,910 square feet, has roughly 15-foot clear ceiling heights, while the smaller section has 11- to 12-foot ceilings.
The building also includes two drive-in doors that are 12 and 13 feet high, ensuring strong accessibility and functionality, the news release said. IPRG added that the former auto repair and body shop space has a flexible configuration that can serve a range of future uses.
What’s more, it’s located in a zone that permits one- to four-family homes, providing redevelopment potential.
