1000 Jefferson Ave. in Elizabeth — Courtesy: Kassin Sabbagh Realty
By Joshua Burd
A private equity firm has acquired a 207,000-square-foot industrial building in Elizabeth, expanding its footprint in the last-mile logistics sector.
The buyer, Elion Partners, paid $29.7 million for the asset at 1000 Jefferson Ave., in a transaction brokered by Kassin Sabbagh Realty. Elion noted that the building is less than two miles from Newark Liberty International Airport, making it an attractive addition to a portfolio that also stretches to the Southeast and the West Coast.
“The New Jersey industrial market dynamics support our investment strategy of sourcing in supply constrained locations with strong demographic demand drivers,” said James Lambert, senior managing director of industrial investments at Elion. “We look forward to continuing the expansion of Elion’s logistics portfolio across the Northeast.”
The firm noted that, in 2020, it acquired 1.3 million square feet of existing last-mile industrial assets across key logistics markets such as Seattle, San Francisco, Southern California and South Florida.
Kassin Sabbagh Realty’s Bunny Escava, Isaac Setton represented both the sellers, Seyon Group and Wheelock Street Capital, and the buyer.