6B — February 10 - 23, 2017 — Central New Jersey — M id A tlantic
Real Estate Journal
C entral N ew J ersey
Remco’s Peter Gallicchio represents both buyer and seller Elberon/Avidan JV purchases a 50,400 s/f warehouse for $3.57m
B RANCHBURG, NJ — Elberon Devel- opment Group (El- beron) , a 100-year-old family owned commercial real estate firm based in Elizabeth, NJ, and its joint venture partner The Avidan Group (Avi- dan) , have picked up a 50,400 s/f warehouse/distribution facility located at 161 Meister Ave. in Branchburg, for $3.57 million. The seller was Gerri Investment Company (GIC). FedEx currently occupies the building which GIC built on 3.5 acres in 1988. It fea- tures 22’ clear ceiling height,
upgraded T-5 lighting, two tailboards and three drive-in doors. There is also parking for 100 cars. The building serves as a distribution center for parts of Union, Somerset and Hunterdon Counties as well as a FedEx Ship Center/drop-off location. Scarcity of product in pre- miere locations made this an attractive buy for the joint venture. “We were drawn to the build- ing’s tenancy as much as the opportunity to purchase a building in today’s competitive market below replacement
cost,” said Elberon vice presi- dent Terry Armstrong . Remco Realty Group ’s Peter Gallicchio represented both buyer and seller. This is the second project by the Elberon/Avidan joint venture. The other was the development of Elizabeth Lo- gistics Center which includes a 90,000 s/f warehouse distribu- tion center and a 140,000 s/f freezer warehouse. n SOMERSET, NJ — Wood- mont Properties announced today that president Lewis Zlotnick was appointed to the New Jersey Apartment As- sociation ’s board of directors at this year’s Annual Meeting on Jan. 25 at the Imperia in Somerset. With this appoint- ment, Zlotnick joins a select group of New Jersey’s top real estate thought leaders in the multifamily industry. The New Jersey Apartment Association (NJAA) repre- sents both market rate and affordable housing owners, managers and developers of over 190,000 rental apartment homes in New Jersey, as well as hundreds of suppliers to the multifamily housing industry. “This is a well-deserved rec- ognition for someone who has demonstrated deep industry knowledge and leadership,” Woodmont’s chief executive officer Eric Witmondt said. “Lewis has been a member of our organization for over 25 years, and has proven to be an invaluable asset with a unique ability to oversee our company’s strategy and implementation.” “We are thrilled to welcome Lewis to our board,” said Da- vid Brogan , executive director of the NJAA. “His passion for the industry, combined with his leadership and knowledge, will surely benefit the NJAA and New Jersey’s business commu- nity. We’re looking forward to working with him throughout his term.” As president of Woodmont, Zlotnick is responsible for the strategy, implementation, and management of operations at Woodmont Properties including oversight of the construction, property management, mar- keting, sales, human resources and information technology divisions of the company. n Lewis Zlotnick appointed to NJAA board of directors
161 Meister Ave.
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