{"id":1004513758,"date":"2021-03-02T05:40:38","date_gmt":"2021-03-02T13:40:38","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004513758"},"modified":"2021-05-15T10:10:41","modified_gmt":"2021-05-15T18:10:41","slug":"elion-partners-pays-30m-for-new-jersey-warehouse","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/elion-partners-pays-30m-for-new-jersey-warehouse\/","title":{"rendered":"Elion Partners Pays $30M for New Jersey Warehouse"},"content":{"rendered":"
\"\"<\/a>

1000 Jefferson Ave.<\/p><\/div>\n

Private equity real estate firm Elion Partners has boosted its portfolio of last-mile industrial assets by picking up a 207,000-square-foot warehouse facility near the Newark Liberty International Airport in Northern New Jersey. The property at 1000 Jefferson Ave. in Elizabeth changed hands for $29.7 million.<\/p>\n

The Seyon Group previously acquired the asset for $24.8 million in 2019, according to CommercialEdge data. Built in 1942, the one- and two-story property features masonry construction, 16- to 20-foot ceiling heights, solar panels, 38 exterior loading docks and 437 parking spaces. The property is located just west of the airport and Port Newark and less than 20 miles west of Midtown Manhattan, with quick access to Interstates 95 and 78 and Routes 1 and 9.<\/p>\n

\n

READ ALSO:<\/strong> Older, Multi-Tenant Industrial Assets Attract New Demand: JLL<\/a><\/p>\n

\n

The acquisition comes as part of Elion\u2019s strategy of investing in core, infill coastal markets with supply constraints, positive growth and demographic demand drivers, according to a prepared statement. The company plans to continue growing its logistics portfolio across the Northeast.<\/p>\n

Last year, the Miami-based firm snapped up 1.3 million square feet of existing last-mile industrial assets in key markets including Seattle, San Francisco, Southern California and South Florida. As part of that expansion drive, Elion acquired four last-mile distribution assets<\/a> on the West Coast for $83 million last November. The properties, totaling 425,000 square feet, are located in the California cities of San Diego, Vista and Union City as well as Everett, Wash.<\/p>\n

That announcement followed a strategic investment<\/a> by Goldman Sachs Vintage Funds in an Elion-sponsored investment vehicle that holds a portfolio of last-mile logistics properties.<\/p>\n

Northern New Jersey growth<\/h2>\n

The Northern New Jersey industrial market performed well in 2020, with net absorption of 9.8 million square feet surpassing the previous year\u2019s total of 6.8 million square feet, according to a report by Newmark<\/a>. Vacancy increased from 4.0 to 4.3 percent as new completions slightly outpaced absorption, while e-commerce and logistics demand helped drive 7.2 million square feet of leasing activity.<\/p>\n

About 10 miles to the north of the newly purchased asset, Bridge Development Partners is building<\/a> a 358,586-square-foot Class A industrial facility in Belleville, N.J. The project, aimed at e-commerce and other warehouse distribution users, is slated for completion in the third quarter of 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Miami-based real estate investment firm is snapping up last-mile industrial assets across the country.<\/p>\n","protected":false},"author":744,"featured_media":1004529252,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,21783,1600,21742,10],"tags":[36333],"class_list":["post-1004513758","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-investment","category-new-york","category-latest","category-northeast","tag-elion-partners"],"acf":[],"yoast_head":"\nElion Partners Pays $30M for New Jersey Warehouse - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/elion-partners-pays-30m-for-new-jersey-warehouse\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Elion Partners Pays $30M for New Jersey Warehouse\" \/>\n<meta property=\"og:description\" content=\"The Miami-based real estate investment firm is snapping up last-mile industrial assets across the country.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/elion-partners-pays-30m-for-new-jersey-warehouse\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-02T13:40:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T18:10:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/1000-Jefferson-Ave.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Greg Isaacson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/elion-partners-pays-30m-for-new-jersey-warehouse\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/elion-partners-pays-30m-for-new-jersey-warehouse\\\/\"},\"author\":{\"name\":\"Greg Isaacson\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1a92010198045e41b0b801129a41b3d8\"},\"headline\":\"Elion Partners Pays $30M for New Jersey Warehouse\",\"datePublished\":\"2021-03-02T13:40:38+00:00\",\"dateModified\":\"2021-05-15T18:10:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/elion-partners-pays-30m-for-new-jersey-warehouse\\\/\"},\"wordCount\":380,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/elion-partners-pays-30m-for-new-jersey-warehouse\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/05\\\/1000-Jefferson-Ave.jpg\",\"keywords\":[\"Elion Partners\"],\"articleSection\":[\"Deals\",\"Industrial\",\"Investment\",\"New York\",\"News\",\"Northeast\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/elion-partners-pays-30m-for-new-jersey-warehouse\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/elion-partners-pays-30m-for-new-jersey-warehouse\\\/\",\"name\":\"Elion Partners Pays $30M for New Jersey Warehouse - 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