By Joshua Burd
Paramount Assets has purchased a 5,000-square-foot retail and commercial building in Elizabeth for nearly $900,000, brokers with RIPCO Real Estate announced Monday.
In a news release, the firm said Paramount will use the structure at 578 North Broad St. as an investment property. Based in neighboring Newark, the firm paid $892,500 for the building in a deal with a private investment group.
RIPCO’s Steven Winters and Mike Horne arranged the transaction, citing the asset’s downtown location near NJ Transit rail service and minutes from Newark Liberty International Airport.
“578 North Broad Street offered the buyer with a single-story retail (and) commercial building with off-street parking in Elizabeth’s CBD, an area where buildings typically don’t have their own parking lot,” said Winters, an executive vice president with the firm. “The prime location in Elizabeth, New Jersey offers Paramount Assets an ideal investment property to further expand its portfolio.”
