Andrew Skydell, founder of Simi Capital in partnership with Shibber Khan’s Criterion Group, has purchased a 135,000 square foot industrial building situated on 6 acres at 21 Caven Point Avenue in Jersey City, New Jersey. The property is located less than 3 miles from the Holland Tunnel and is part of the Port Industrial Submarket serving as a distribution hub for Lower Manhattan and Brooklyn. This submarket of 74 million square feet has a vacancy of only 3.4 percent.

Prior to closing on the acquisition, the partnership successfully executed a lease for the entire property with an industrial tenant out of the New York City market.

Criterion Group is based in New York City and was founded in 2002 by Shibber Khan. Mr. Skydell, who prior to founding Simi Capital in 2017, was with Innovo Property Group. Simi Capital is a New York City based national real estate investment firm with a focus on value add acquisitions.

“We are delighted with the acquisition of this prime industrial property in a strategic New York/New Jersey market location. The property is ideally located to serve the growing demand for Last Mile distribution facilities in the Northeast, and we are confident of the long term desirability for this extremely well positioned industrial space,” said Andrew Skydell.

The property was purchased from the Avidan and Elberon Group. Jordan Metz of Bussel Real Estate represented the sellers, and the lease was arranged by Lubna Abbassi of North Globe Properties Inc.