3920 Park Ave. in Edison — Courtesy: Zimmel Associates
By Joshua Burd
An investment group has purchased a fully leased, 63,000-square-foot warehouse in Edison, in an $11 million transaction arranged by Zimmel Associates.
The brokerage firm represented both parties in the recent trade of 3920 Park Ave., a one-story property originally built in 1970. The buyer, PAG Investments, is now the fourth owner of the structure after completing the deal with 3920 Park Avenue Associates.
For Zimmel Associates, the transaction marks its third time brokering the sale of the building.
Occupied by, EOS Energy Enterprises Inc., which provides utility, industrial and commercial customers with innovative, clean energy storage systems, 3920 Park Ave. sits on 5.04 acres and features 20-foot ceiling heights with three dock-high loading doors, according to a news release. The site is also a seven-minute drive from NJ Transit’s Metuchen station and 10 minutes from the Metropark transit hub.
“I have been fortunate to sell this building three times during my career,” Zimmel Associates CEO David Zimmel said. “It has been a very successful building for everyone involved.”
Zimmel said the other sales took place in 1988 and 1995, while it also brokered the lease of the property to EOS around five years ago. The site serves as EOS’ New Jersey headquarters for research and development, while its manufacturing plant is located in Pittsburgh, Pennsylvania.
The team involved in the latest deal also involved Lawrence Berger and Gershon Alexander for the seller and buyer, respectively.