A Newark industrial building has been sold, according to the Garibaldi Group, after the owner of the family business based there decided to retire.
Elberon Development Group bought the 20,000-square-foot warehouse at 370 Elizabeth Ave., with plans to renovate the property for prospective new tenants. The seller was not disclosed.
“The industrial real estate market is very tight right now, especially in areas like Newark,” Cass said in a prepared statement. “Smaller spaces like this are not easy to find.”
Garibaldi Group CEO Jeffrey Garibaldi and Director Brian Cass handled the transaction, working with Elberon’s acquisitions team of Dave Gibbons, CEO and president, and Terry Armstrong, senior vice president of leasing and acquisitions.
“Elberon is a major player in this market with a sterling repuation,” Garibaldi said in a statement. “Both Garibaldi and Elberon are family-run, each celebrating over 100 years in business. The seller of the property was fortunate to have two veteran players involved in the sale.”