Elizabeth, NJ — The Blau & Berg Company, a commercial real estate brokerage firm in the New Jersey and Tri-State area since 1932, has brokered the lease of a ±31,000 s/f terminal on North Ave East, in Elizabeth.
Jason Crimmins, CCIM, SIOR, Alessandro (Alex) Conte, CCIM, SIOR, Peter J. Murano, Jr., SIOR, and Michael Schipper, SIOR, of The Blau & Berg Company along with Kenneth Crimmins, CCIM, SIOR, also with The Blau & Berg Company, co-brokered the lease. Blau & Berg originally leased the facility to ICT in April of 2022 and subsequently subleased it to Daylight Transport in May of 2023 at the same rate. The 54-door terminal sits adjacent to the southern portion of Newark Liberty International Airport and the Port of Newark, less than a mile from the NJ Turnpike.
“The appetite for terminal space a year ago was different than it is now,” said Jason Crimmins, president of The Blau & Berg Company. “In April of 2022, a 54-door facility like this located in the Port of Newark was a rarity. Now we are seeing tempered demand and a slight correction in lease rates. For us to secure a new tenant at the same rate as a year ago is a real testament to this terminal’s prominence in the area due to its accessibility, size, and location off of the heavyweight corridor and stone’s throw from the Elizabeth Port.”
About The Blau & Berg Company
The Blau & Berg Company (www.blauberg.com) was founded in 1932 and holds a leading position in the New Jersey and Tri-State commercial real estate market. Headquartered in Short Hills, New Jersey, The Blau & Berg Company is an independent, full-service commercial real estate brokerage firm, providing expert and personalized services in industrial, office, and retail real estate, including site selection, acquisitions, dispositions, leasing, tenant representation, portfolio sales, asset repositioning, and property & construction management.
Comments