919 Fairmount Ave. in Elizabeth — Courtesy: Elberon Development Group
By Joshua Burd
Elberon Development Group has expanded its footprint in Elizabeth, completing the $9 million acquisition of a soon-to-upgraded, 115,000-square-foot warehouse in the city.
The Elizabeth-based firm announced its purchase of 919 Fairmount Ave. from Hayward Industries Inc. The seller has leased back a 10,000-square-foot portion of the building, while the remainder of the property is leased to Survivor Window through the end of 2017.
Starting in early 2018, Elberon will begin a series of improvements in order to re-lease the window manufacturer’s space, according to a news release. Improvements include new LED lighting, an updated façade, the removal of interior demising walls, a new HVAC system and new landscaping.
The firm touted the property’s proximity to Port Newark-Elizabeth and Newark Liberty International Airport and its ability to serve so-called last-mile distribution needs.
“This property is a great fit in our large and growing portfolio in this well-located submarket,” Elberon CEO Dave Gibbons said. “Its substantial electrical power and significant pavement distinguish it from the many other buildings in the area, and we expect it to lease well after we complete our intended renovation.”
It is the firm’s latest acquisition over the past two years. Elberon recently closed on five different properties totaling 265,000 square feet, including two other buildings in Elizabeth, plus the completion of a new two-building, 230,000-square-foot ground-up complex known as Elizabeth Logistics Center.
The addition of 919 Fairmount, which is directly across from Elizabeth Logistics Center, brings the firm’s portfolio to 2.5 million square feet.