919 Fairmount Ave. in Elizabeth — Courtesy: Elberon Development Group
By Joshua Burd
Elberon Development Group has signed two new leases at a 115,000-square-foot warehouse in Elizabeth, including a deal with a foot care business that is relocating from Brooklyn.
The company, ProFoot Inc., committed to 64,500 square feet at 919 Fairmount Ave. in conjunction with Elberon’s plans for a major overhaul of the property. Meantime, McGinley Transportation Systems Inc. leased 40,500 square feet for the remainder of the building.
“I think it’s fair to say that our plans to fully modernize the property resulted in a successful leasing campaign,” said Terry Armstrong, vice president with Elizabeth-based Elberon. “This property — and these tenants — are a terrific addition to our growing portfolio.”
The deals come after Elberon acquired the property last fall and announced plans for an extensive upgrade. In February, the state Economic Development Authority approved a 10-year, $2.75 million tax credit to encourage ProFoot to move a major part of its operation to the building.
The company — which makes products such as orthotics, insoles and creams — had outgrown its 40,000-square-foot facility in Brooklyn. It will now bring 55 jobs to Elizabeth, including many local hires.
Lee & Associates’ Rick Marchisio, Crista Bartolomeo and Drew Maffey represented ProFoot in the transaction. The company cited the building’s heavy power and access to a talented labor pool as reasons for the relocation, which will occur later this year.
McGinley Transportation Systems, a full-service provider of logistics and furniture installation services, will relocate to 919 Fairmount late this year, Elberon said. The company is moving from 1000 Jefferson Ave., which is also in Elizabeth, in late 2018.
Elberon said building attributes such as a high ceiling and proximity to New York City, where McGinley’s core customer base is located, were the main drivers for the move across town. Bussel Realty Corp.’s Jordan Metz represented McGinley in the transaction.
The landlord said it will immediately launch improvements such as new LED lighting, the removal of interior demising walls, a new HVAC system and new landscaping, fencing and offices.
The remaining 10,000 square feet of the building is leased to the building’s former owner.
Elberon acquires 115,000 sq. ft. Elizabeth warehouse for $9 million
