Elberon Development Group, a commercial real estate firm based in Elizabeth, announced it has acquired a warehouse/distribution center in Hillside.
The 65,000-square-foot property is located at 1451 Chestnut Ave. It was purchased from a private investor, Elberon said. The facility is within close access to the Ports of Newark and Elizabeth, and Route 78.
Mooney-General Paper Co. currently leases the space. The 100-year-old company, which has leased the space since the 1980s, is a janitorial and paper supplier.
“This is a stabilized asset with rent-in-place for the next several years,” Terry Armstrong, Elberon vice president, said. “The acquisition works with our long-term hold strategy and, given the acreage, provides us with future development opportunities.
“Our strategy for the next calendar year is to continue to grow the portfolio through both development and acquisition. We remain optimistic about the current state of the industrial market, and we think the unique fundamentals of northern New Jersey will continue to drive additional increases in value over the long term.”
Dave Fisher of Weichert Commercial represented Elberon and the private investor in the deal.
Financial terms were not disclosed.