1451 Chestnut Ave. in Elizabeth — Courtesy: Elberon Development Group
By Joshua Burd
Elberon Development Group has acquired a 65,000-square-foot warehouse and distribution center in Hillside, the first of what could be several upcoming additions to its portfolio.
The property, 1451 Chestnut Ave., sits directly along Interstate 78 and is fully leased to Mooney General Paper Co. The Elizabeth-based owner and developer acquired the complex from a private seller, touting its location less than six miles from Port Newark-Elizabeth.
Dave Fisher of Weichert Commercial represented both parties in the sale. Terms were not disclosed.
“This is a stabilized asset with rent-in-place for the next several years,” said Terry Armstrong, vice president of Elberon. “The acquisition works with our long-term hold strategy and, given the acreage, provides us with future development opportunities.”
Mooney General Paper, a 100-year-old supplier of janitorial and paper supplies, has been a tenant of the building since the late 1980s, Elberon said. The building features a 25-foot clear ceiling height and six loading docks, sitting on 5.5 acres that provide room for expansion or additional loading or trailer parking.
Elberon, which is approaching its 100th year in business, said its portfolio has grown to nearly 3 million square feet and that it expects to add to its holdings in 2019.
“Our strategy for the next calendar year is to continue to grow the portfolio through both development and acquisition,” Armstrong said. “We remain optimistic about the current state of the industrial market, and we think the unique fundamentals of northern New Jersey will continue to drive additional increases in value over the long term.”