21 Caven Point Ave. in Jersey City — Courtesy: HFF
By Joshua Burd
A joint venture has acquired a vacant, 134,500-square-foot warehouse just off the New Jersey Turnpike extension in Jersey City, in a newly announced transaction by HFF.
Brokers with the firm announced that the Avidan Group and Elberon Development Group purchased the property, 21 Caven Point Ave., from a private seller. Terms were not disclosed.
The HFF team included Senior Director Michael Oliver, Senior Managing Director Jose Cruz, and directors Marc Duval and Jordan Avanzato, along with Senior Managing Director Kevin O’Hearn and Senior Director Steve Simonelli.
“This is a last-mile warehouse facility with incredible access to New York City as well as the airport and port,” Oliver said. “There is incredible investor demand for vacant industrial buildings with high-quality locations.”
Sitting on 5.6 acres, the property is located off of Exit 14B of the Turnpike extension and seven miles from New York City. The complex is also nine miles from Port Newark-Elizabeth and Newark Liberty International Airport, offering a solar panel system, low office finish and 13 docks.