Elion Partners has expanded its East Coast portfolio by scooping up a 8.6 acre industrial property for $29.7 million.
The 202,000-square-foot building, at 1000 Jefferson Ave in Elizabeth, New Jersey, was sold by Seyon Group and Wheelock Street Capital. Seyon had paid $24 million for it in 2019.
Kassin Sabbagh Realty’s Bunny Escava, Isaac Setton brokered the Elizabeth deal.
Northern New Jersey’s industrial market had a strong 2020. Net absorption of 9.8 million square feet exceeded the previous year’s 6.8 million, according to a report by Newmark. E-commerce and last-mile delivery helped drive leasing activity. Vacancy, however, has increased from 4 percent to 4.3 percent as new completions outpaced absorption.