Elion Partners has expanded its East Coast portfolio by scooping up a 8.6 acre industrial property for $29.7 million.
The 202,000-square-foot building, at 1000 Jefferson Ave in Elizabeth, New Jersey, was sold by Seyon Group and Wheelock Street Capital. Seyon had paid $24 million for it in 2019.
The acquisition is Elion Partners’ first in New Jersey. In South Florida, where the firm is located, Elion has been busy buying warehouses and industrial properties.
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Kassin Sabbagh Realty’s Bunny Escava, Isaac Setton brokered the Elizabeth deal.
Northern New Jersey’s industrial market had a strong 2020. Net absorption of 9.8 million square feet exceeded the previous year’s 6.8 million, according to a report by Newmark. E-commerce and last-mile delivery helped drive leasing activity. Vacancy, however, has increased from 4 percent to 4.3 percent as new completions outpaced absorption.