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| 900 Fairmount Avenue, Elizabeth, NJ |
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| 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.
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| 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.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel (main) 617-338-0990 | (direct) 617-338-1572 | cel
617.543.4873 | www.hfflp.com
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