Torrance, CA – May 15, 2012 – (RealEstateRama) — Lee & Associates, one of largest broker-owned commercial real estate firms in the country, has closed an industrial sale for an 84,815-square-foot property in Elizabeth, N.J. The details of the transaction are undisclosed.
Terry Armstrong, Rick Marchisio and Crista Bartolomeo of Lee & Associates New Jersey represented the seller A&A Trumbull, LLC. The buyer was Brooklyn-based Mahadrin Dairy.
According to Armstrong, Mahadrin intends to use the 5.5-acre property for dairy and kosher food products. “More often we’re beginning to see a large number of companies migrating from New York to New Jersey because of the lower property prices, real estate taxes and operational costs,” said Marchisio.
According to Armstrong, “The buyer was able to secure significant incentives from the State of New Jersey in a very short period of time making the move to New Jersey that much more appealing. Ted Zangari of the law firm of Sills Cummis assisted Mahadrin in obtaining the incentives. This kind of transaction indicates that food companies are, even in a less than robust economy, still one of the more active business sectors.” Armstrong concluded.
Located at 100 Trumbull Street, the property includes 38,000 square feet of freezer space and 8,000 square feet of cooler, food production and office space on 5.5 acres. Additional site amenities include ample car parking and 50 trailer parking spots. Constructed in 1985, the building later became home to Michael Foods. The property is situated on the outskirts of Port Elizabeth/Newark New Jersey and minutes from Newark-Liberty Airport.
About Lee & Associates
Celebrating more than 33 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 46 locations across the nation including Arizona, California, Georgia, Idaho, Indiana, Illinois, Kansas, Michigan, Missouri, Nevada, New Jersey, Texas and Wisconsin. With a roster of nearly 700 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.
