1139 East Jersey St. in Elizabeth — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
The longtime owner of a 45,000-square-foot mixed-use building in downtown Elizabeth has sold the property, according to a brokerage team with Gebroe-Hammer Associates.
Located at 1139 East Jersey St., the six-story property houses 84 micro-offices with 200-square-foot floorplans and ground-floor retail space. It’s now in the hands of a private investor after the trade by Edron Realty, with Gebroe-Hammer’s Stephen Tragash representing the seller.
Terms were not disclosed.
“The buyer, who was extremely familiar with this asset, recognized what a tremendous addition 1139 East Jersey Street would make to their current commercial real estate portfolio, given its exceptional location and enviable track record for long-term 100 percent occupancy — even in several past recessionary cycles,” said Tragash, an executive vice president with Gebroe-Hammer, who also recently inked the sale of a multifamily building in the Union County seat.
Originally built as apartments, the century-old Midtown property sits at the Jefferson Street intersection and is adjacent to the famous Ritz Theater & Performing Arts Center. It’s steps from the city’s municipal complex and NJ Transit bus service, while it’s a five-minute walk to the Elizabeth train station.
The structure has marble flooring and walls in the lobby and two elevators, according to a news release. Current retailers include a hair salon, a lash studio, a beauty spa, a staffing agency and a restaurant.
