Done Deals: HFF closes $5 million sale of industrial redevelopment site in Elizabeth, NJ

Monday, January 6, 2014

HFF closes $5 million sale of industrial redevelopment site in Elizabeth, NJ

900 Fairmount Avenue, Elizabeth, NJ

Michael Nachamkin

FLORHAM PARK, NJ – HFF announced today that it has closed the $5 million sale of 900 Fairmount Avenue, a 7.7-acre industrial redevelopment site in Elizabeth, New Jersey.

HFF marketed the property exclusively on behalf of the seller, Oakmont Hayward I LLC, and procured the buyer, Fairmount Redevelopment Group LLC. The purchase price was $5 million.

900 Fairmount Avenue provides immediate access to the New Jersey Turnpike and is in close proximity to the entrance to Newark Liberty International Airport and Port Newark-Elizabeth Marine Terminal.

With construction slated to commence in 2014, current plans for the property include the development of a state-of-the-art, 100,000-square-foot distribution center and three acres for trailer storage.

The HFF team representing the seller was led by managing director Michael Nachamkin.

Josh Avidan

Fairmount Redevelopment Group is a local-based investor and developer of industrial properties with a long history in the market. It is led by Josh Avidan of The Avidan Group and Dave Gibbons of Elberon Development Group.

"We are excited and look forward to this rare opportunity of a ground-up development project in Elizabeth, New Jersey. Our goal is to produce a high quality and functional product that will benefit the community and attract a variety of prospective tenants,” said principal and member Josh Avidan.

The Avidan Group, a subsidiary of Avidan Management, has deep roots in Northern New Jersey. Operating for over 40 years, the company specializes in industrial/commercial real estate development focusing on big-box, refrigerated and flex buildings.

The Elberon Development Group owns approximately 1.7 million square feet of industrial and warehouse property in the city of Elizabeth. It recently completed ground-up, build-to-suit projects for Wakefern Food Corp. and Seafrigo Cold Storage in the area.