Gebroe-Hammer Associates Executive Vice President Stephen Tragash arranged the sale of 1139 E. Jersey St. in Elizabeth, a six-story, 45,000-square-foot mixed-use building, for an undisclosed price, according to a Monday announcement.
The firm’s Union County market specialist for the past 17 years exclusively represented the seller and longtime owner, Edron Realty, and procured the buyer, a private investor.
Built in the 1920s, the midtown property is situated at the corner of Jefferson and East Jersey Street. It is located adjacent to the famous Ritz Theater & Performing Arts Center and within steps of the city of Elizabeth Municipal Complex, front-door New Jersey Transit bus service along Route 62 and a five-minute walk to Elizabeth Station, offering NJ Transit North Jersey Coast Line and Amtrak Northeast Corridor service.
Originally constructed as apartments, 1139 E. Jersey St. is a historically stabilized micro-office building with marble flooring and walls in the lobby and two elevators.
“The buyer, who was extremely familiar with this asset, recognized what a tremendous addition 1139 E. Jersey St. would make to their current commercial real estate portfolio, given its exceptional location and enviable track record for long-term 100% occupancy — even in several past recessionary cycles,” Tragash said.
Featuring 84 micro-offices with 200-square-foot floorplans, current ground-floor retailers include a hair salon, lash studio, beauty spa, staffing agency and dining/takeout establishment. The property is also classified as a “walker’s paradise” neighborhood by WalkScore.com, and Route 1 and Route 27 also are nearby.