Springfield, New Jersey – Within a year’s time, Blau & Berg has arranged leases for one-third of a 1.26 million sq. ft. complex on 21 acres at 666 Front St. in Elizabeth.
The owners, Joseph Cory & Sons, have extended the exclusive services of Blau & Berg to market the remaining complex. Available for lease or sale at below-market price of $17 million, the complex is divisible to 50,000 sq. ft. sections at $1.99 net.
The property is ideal for development, warehouse distribution, recycling, cogeneration, environmental clean-up/response or manufacturing.
Located at Exit 13 of the New Jersey Turnpike, directly at the Goethals Bridge access ramp, the site is approximately one mile from Routes 1 and 9 and minutes from Staten Island leading to Brooklyn and Manhattan.
The locale offers tenants proximity to Newark International Airport, Linden General Aviation Airport, ports Newark and Elizabeth, and deep-water bulkhead on the Arthur Kill waterfront.
The buildings, constructed primarily of reinforced concrete, were remodeled in 1985. Key features include 160 tailboards plus an eight-bay garage. All the buildings are in Elizabeth, except one building which is located just over the municipal border in Linden. The 21-acre parcel is flat and graded and most of the land (not occupied by structures) is paved. The six principal buildings are served by municipal streets and sewer and water facilities.
Among the tenants in the complex are CDS Furniture Handlers Inc., which leased approximately 200,000 sq. ft. in Cory’s 330,000 sq. ft. industrial building. The space will serve as a warehouse/distribution center.
The two-story, brick-block and steel building formerly served as the East Coast furniture warehouse for Seamans Co.
Nick Casertano, president of CDS, says he selected the building for its attractive rental rates, multitailboard loading doors, expansion possibilities, proximity to the company’s former location and past relationship with the owner.
“We had two separate buildings in Union and we wanted to combine them into one larger facility,” says Casertano, whose company moved into its new quarters in July, 1992.
“I knew the facility, knew what the owner had put into it, and it was exactly what we were looking for,” Casertano adds.
In another transaction, International Recycling of New Jersey leased 85,000 sq. ft. in the same building.
Richard Strum, president of International Recycling, chose the building for its good location and deep water bulkhead, which wil be used to export merchandise.
“It’s a very good building and the people who work with Cory are always available,” says Strum, who moved into the facility in August, 1992.
The transactions were arranged by Blau & Berg’s president Kenneth F. Crimmins, CCIM, SIOR.
Blau & Berg has been actively involved in office, industrial and commercial real estate since 1932. Most of its business is marketing, leasing and building-to-suit warehouse complexes, distribution centers and corporate office buildings. It has represented Fortune 500 companies and international corporations as well as medium-sized and smaller regional and local companies in the metropolitan New York and New Jersey market. Blau & Berg remains one of a handful of major, full-service real estate brokerage firms serving this market.