161 Meister Ave. in Branchburg — Courtesy: JLL
By Joshua Burd
Elberon Development Group and The Avidan Group have sold a fully leased, 50,400-square-foot industrial property in Branchburg, in a transaction arranged by JLL.
The sellers, both based in Elizabeth, completed their disposition of 161 Meister Ave. around four and a half years after purchasing the property. JLL announced the deal Tuesday, noting that NorthBridge Partners purchased the building for an undisclosed sum.
JLL’s Marc Duval, Jordan Avanzato, Mike Oliver, Jose Cruz and Mike Kavanagh led the team representing the sellers.
In a news release, JLL said a multinational, investment-grade tenant has occupied 161 Meister Ave. since it was built in 1998 and recently completed a long-term lease extension. The occupier uses the site as a last-mile delivery center, benefiting from its location less than a mile from Route 22 and minutes from interstates 78 and 287.
The facility sits on 3.49 acres, offering a 22-foot clear ceiling height, five drive-in doors and recent upgrades such as new offices, lighting and HVAC systems.
