370 Elizabeth Ave. in Newark — Courtesy: The Garibaldi Group
By Joshua Burd
Elberon Development Group has acquired a 20,000-square-foot industrial building in Newark, in a transaction arranged by The Garibaldi Group.
Brokers with the firm said the property, located at 370 Elizabeth Ave., housed a family business for more than 40 years. The owner’s decision to retire and sell the building resulted in a rare availability in the booming northern New Jersey industrial market, prompting Elberon’s purchase for an undisclosed price.
“The industrial real estate market is very tight right now, especially in areas like Newark,” said Brian Cass, a director with the Chatham-based brokerage firm. “Smaller spaces like this are not easy to find.”
Cass represented the seller alongside Garibaldi Group CEO Jeffrey Garibaldi. They noted that Elberon, which is based in Elizabeth, took ownership in November and is now planning renovations to get the building ready for incoming tenants.
“The acquisitions team at Elberon, including President and CEO Dave Gibbons and Senior Vice President of Leasing and Acquisitions Terry Armstrong, was great to work with,” Cass said. “They made completing this transaction seamless.”
The property is the latest addition to Elberon’s portfolio of more than 2.5 million square feet.
“Elberon is a major player in this market with a sterling reputation,” Garibaldi said. “Both Garibaldi and Elberon are family-run, each celebrating over 100 years in business. The seller of the property was fortunate to have two veteran players involved in the sale.”
