450 York St. in Elizabeth — Courtesy: Elberon Development Group
By Joshua Burd
A building materials company has extended its 50,000-square-foot lease in Elizabeth, in the largest of five newly completed transactions by Elberon Development Group.
The family-owned commercial real estate firm announced Monday that it has inked more than 140,000 square feet of leasing activity in New Jersey over the past 45 days. The transactions include the extension by Arzee Supply Corp., a division of Beacon Roofing Supply, at 450 York St. in Elberon’s home city of Elizabeth.
“We have established quite a bit of momentum as we close out 2019 and we’re looking forward to continuing on a good pace as we start the new year,” said Terry Armstrong, a vice president with Elberon. He added that all five transactions were full-building leases that put their respective tenants near critical supply chain infrastructure, clients and labor.
The company’s other newly announced deals, which are also in Elizabeth, include:
- 30,000 square feet of newly built space at 888 Magnolia Ave. to Mamtakim Inc., an Eastern European food distributor
- 25,000 square feet at 624 Evans St. to Signed Barnett Machine Tool Corp., which was represented by Cushman & Wakefield’s Gary Casaletto
- 25,000 square feet at 669 Division St. to EDA Contractors Inc., which was represented by Robin Ritter-Ceriello of Cushman & Wakefield
- 10,000 square feet at 585 Division St. to Brancato Snow Removal, a snow removal provider for United Airlines at Newark Liberty International Airport
Given the lack of inventory and new development in the 30,000- to 50,000-square-foot range, Armstrong said, interest in the properties was robust.
“In today’s ultra-competitive market, businesses are scrambling to find well-located, urban facilities with direct access to their customer base — particularly in this size range which is an underserved part of the market,” he said.