Bussel Realty Corp. trades industrial building in Elizabeth

Bussel Realty Corp. on Wednesday said it sold a 9,950-square-foot industrial building in Elizabeth for $2.2 million.

Located at 758 Lidgerwood Ave., the property is in close proximity to the New Jersey Turnpike, Routes 1&9, the Goethals Bridge as well as Port Newark-Elizabeth and Newark Liberty International Airport. The property features two offices, a large showroom, kitchen and conference room, seven loading doors, temperature-controlled office and warehouse, and 20 parking spaces.

Jordan Metz, senior vice president, Eric Koons, vice president, and Benito Abbate, sales associate, represented the seller, Oliverino LLC, and the buyer, Rock Bros LLC, in the transaction.

“In this complex transaction, we were tasked with selling an asset for a client which was relocating/expanding to a larger facility but needed additional time before vacating the property,” noted Metz. “Certain timeframes and deadlines were critical. Leveraging the intense market demand for well-located, functional industrial warehouse space, our team was able to secure multiple competing offers and negotiate a contract with almost no contingencies. Buyer and seller worked very cooperatively to overcome some obstacles and to ensure a successful and timely closing, which accomplished both party’s objectives.”