161 Meister Ave. in Branchburg — Courtesy: Elberon Development Group
By Joshua Burd
Two Elizabeth-based developers have partnered once again, this time acquiring a Branchburg industrial building that serves as a FedEx distribution center.
The firms, Elberon Development Group and The Avidan Group, announced recently that they paid $3.57 million for the 50,400-square-foot building at 161 Meister Ave. The seller was Gerri Investment Co., which built the property in 1988.
The building serves as a distribution center for parts of Union, Somerset and Hunterdon counties and as a FedEx ship center and drop-off location, Elberon and Avidan said in a news release. The joint venture cited “the scarcity of product in premiere locations” as one of the main attractions for the acquisition.
“We were drawn to the building’s tenancy as much as the opportunity to purchase a building in today’s competitive market below replacement cost,” Elberon Vice President Terry Armstrong said in a prepared statement.
The building has a 22-foot-clear ceiling height, upgraded lighting, two tailboards and three drive-in doors. There is also parking for 100 cars.
Remco Realty Group’s Peter Gallicchio represented both the buyer and seller.
The news release also noted that Elberon and Avidan recently partnered in the development of Elizabeth Logistics Center, a new property that includes a 90,000-square-foot warehouse distribution center and a 140,000-square-foot freezer warehouse.