Industrial building in Opportunity Zone sells for $34.5M

An industrial building in Elizabeth has been sold for $34.5 million, according to real estate firm Cushman & Wakefield.

The firm said in a news release that 1 Slater Drive is a 240,000-square-foot building that is fully occupied by seven tenants. Neither the buyer nor the seller were disclosed.

C&W’s Gary Gabriel, Kyle Schmidt, Ryan Larkin, Eli Millstein, Chuck Fern and Gary Casaletto represented the seller in the transaction.

“1 Slater Drive offers a rare value-add opportunity of scale in an ideal location nearly adjacent to Port Newark-Elizabeth,” Schmidt said in a prepared statement. “Fully leased to a diverse tenant roster and situated in an Opportunity Zone, it’s no surprise we saw strong interest in this asset.”