Holliday Fenoglio Fowler, L.P. announces the sale of a 134,500-square-foot, vacant industrial warehouse facility in Jersey City, New Jersey.
The HFF team marketed the property on behalf of a private seller. The Avidan Group and Elberon Development Group purchased the asset as co-owners.
Situated on 5.6 acres at 21 Caven Point Avenue, the property is located off of Exit 14B of Interstate 78, seven miles from New York City and nine miles from Port Newark-Elizabeth Marine Terminal and Newark Liberty International Airport. 21 Caven Point Avenue features a solar panel system; low office finish; and 13 docks, including nine interior docks.
The HFF team included senior director Michael Oliver, senior managing director Jose Cruz, directors Marc Duval and Jordan Avanzato as well as senior managing director Kevin O’Hearn and senior director Steve Simonelli.
“This is a last-mile warehouse facility with incredible access to New York City as well as the airport and port,” Oliver said. “There is incredible investor demand for vacant industrial buildings with high-quality locations.”
HFF and Holliday GP Corp. are licensed New Jersey real estate brokers.
About The Avidan Group
The Avidan Group is a family owned and operated real estate development company with deep roots in Northern New Jersey. In business for over 40 years, the company specializes in industrial/commercial real estate development. Avidan, through its affiliates and subsidiaries, owns and manages warehouses and distribution facilities that serve the major population centers in the Northeast. Learn more at https://www.theavidangroup.com.
About Elberon Development Group
Founded by David O. Evans in 1920, Elberon Development Group is a third-generation family run business specializing in the development, construction, management and ownership of commercial real estate. The firm maintains a local geographic focus in Northern New Jersey – the same area where the business began. Today the firm manages a portfolio of more than two and a half million square feet of space, much of which is located in Elizabeth, New Jersey. For more information, please visit www.elberon.com.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
