By Joshua Burd
A Dallas-based firm has expanded its New Jersey holdings with the addition of a 10-acre industrial site in Union County, under a deal arranged by Cushman & Wakefield.
Brokers say the buyer, Xebec Realty, paid $46.5 million for the property at 711 Lidgerwood Ave., which sits on the border of Elizabeth and Linden. The seller’s name and additional details about the location were not immediately available Thursday, although the site has been listed as an address for the cable manufacturer Alpha Wire.
Cushman & Wakefield’s Bill Waxman and Darrin Boyd brokered the transaction.
“The property spans two towns, Elizabeth and Linden, which presents a redevelopment challenge,” Waxman said. “However, Xebec stepped up and was, as always, a premier buyer. We are thrilled to have arranged this transaction, with both the buyer and seller satisfied with the results.”
The deal follows Xebec’s acquisition in late 2020 of a 6.8-acre site at 330 County Road in Secaucus, its first in New Jersey, where it planned to develop more than 120,000 square feet of new industrial space. The company said it expected to begin development in 2024, touting the site’s location six miles from Manhattan and the chance to create a last-mile distribution facility.