Cronheim finances $35 million for a 509,093 s/f Port Elizabeth industrial property
Elizabeth, NJ — Andrew Stewart and Dev Morris have secured $35 million in financing for a 509,093 s/f industrial property in Elizabeth, less than two miles from Port Elizabeth. The loan was structured with a 5 year term and 30 year amortization for the borrower, Hartz Elizabeth, Inc., an affiliated entity of Hartz Mountain Industries, Inc.
The subject property, situated at 201 Bay Ave. in Elizabeth, was constructed circa 1990 and features warehouse ceiling heights of 26’ 6” clear, 61 loading docks, and approximately 9,000 s/f of mezzanine office space.The facility is located in the heart of the ports of Newark and Elizabeth, just off Exit 13A of the New Jersey Turnpike. The ports and New Jersey’s ideal location provide access to the largest and most affluent consumer market in North America. Shippers can reach 100 million consumers within a day’s departure of the port. Shippers are also afforded a choice of rail services with extensive market reach to the eastern half of the USA and beyond. With new 1000-foot double track rail siding, the Subject is now one of the only buildings in the port district that is has a private connection for industrial transport to nearby APM Terminal, Maher Terminal and Port Newark Container Terminal.