Elberon Development Group and The Avidan Group have sold a 50,400-square-foot last-mile distribution facility fully leased to a multinational investment-grade tenant in Branchburg, N.J.
NorthBridge Partners purchased the asset; however, the sales price was not disclosed.
The facility is situated on 3.49 acres at 161 Meister Ave., less than one mile from State Route 22, the region’s main commercial thoroughfare. The property is also minutes from Interstates 78 and 287, two of the New York metro area’s largest and most heavily trafficked highways. Additionally, 161 Meister Ave. is situated in what is known as New Jersey’s “wealth belt” due to median household incomes more than two times the national average.
The tenant has occupied 161 Meister Ave. since it was constructed in 1988 and uses it as a last-mile delivery center that serves Somerset County and the wealthy regional community. The tenant, which has an unrivaled logistics network that sorts and
