An Edison warehouse property has been sold, according to real estate firm Zimmel Associates, marking the third time the firm has handled an ownership change there.
Zimmel said in a news release that the 63,000-square-foot industrial building at 3920 Park Ave. was sold for $11 million in the recent transaction. PAG Investments, represented by Gershon Alexander, bought the property from 3920 Park Avenue Associates, represented by Lawrence Berger. David Zimmel, CEO of Zimmel Associates, represented both the seller and purchaser of the fully-leased building in the transaction.
“PAG thought it would be a good investment for them,” Zimmel said in a prepared statement. “They liked the fact that a company occupied the whole building.”
Zimmel also arranged the sale of the building in 1988 and 1995.
“I have been fortunate to sell this building three times during my career,” Zimmel said. “It has been a very successful building for everyone involved.”
The real estate firm also arranged the building’s 10-year lease to EOS Energy Enterprises Inc. five years ago. EOS uses the property as its New Jersey headquarters for research & development.