Elberon leases remaining space at warehouse acquisition

By Eric Strauss
Elizabeth | May 22, 2018 at 11:46 am

Elberon Development Group has signed two tenants for its warehouse at 919 Fairmount Ave. in Elizabeth, the commercial real estate firm said Tuesday.

The 100-year-old, family-owned firm said in a news release that ProFoot and McGinley Transportation Systems Inc. signed for the 115,000-square-foot property, which is now 100 percent leased.

ProFoot signed for 64,500 square feet, bringing 55 jobs from its 40,000-square-foot location in Brooklyn. The foot care company received a Grow New Jersey incentive to make the move, which will occur when the lease begins later this year.

Lee & Associates’ Rick Marchisio, Crista Bartolomeo and Drew Maffey represented the tenant in the transaction, Elberon said.

McGinley signed for 40,500 square feet and will move from 1000 Jefferson Ave. late in the year. The provider of logistics and furniture installation services moved across town to take advantage of proximity to its client base in New York City.

Bussel Realty Corp.’s Jordan Metz represented the tenant in the transaction.

The remaining 10,000 square feet in the building is leased to the former owner, Hayward Industries. Elberon bought the property in fall 2017 and is launching an extensive capital improvement program in advance of the new leases.

“I think it’s fair to say that our plans to fully modernize the property resulted in a successful leasing campaign,” Elberon Vice President Terry Armstrong said in a prepared statement. “This property, and these tenants, are a terrific addition to our growing portfolio.”

Eric Strauss | estrauss@roi-nj.com | acerimrat