Bussel Brokers Sale Of 502 York Street in Elizabeth, New Jersey
EDISON, NEW JERSEY (May 5, 2015) – Bussel Realty Corp. (BRC), a leading industrial real estate services firm in New Jersey, today announced it has brokered the sale of 502 York Street in Elizabeth, New Jersey, a 75,600-square-foot distribution facility.
In 2011, the buyer, Federal Autocat, leased long-term 502 York Street and made significant improvements to the property. The company elected to execute its option to purchase the property which was sold for an undisclosed price. BRC Vice President Jordan Metz represented Federal Autocat in the transaction, while BRC Senior Vice President David Blitt represented the seller, Weisman Family Partnership, LLC.
"The port-proximate markets have recovered and appreciated tremendously over the last several years," noted Metz. "My client had a purchase option which reflected yesterday's values, and provided them with built-in equity. They exercised the option, and significantly reduced their occupancy costs in doing so. Options can be valuable, but one can never really time the market. In this case, it worked out in my client's favor."
502 York Street is a 75,600 square-foot industrial property on three acres and offers 20-foot ceilings, multiple loading docks and one drive-in door, ample power and three-quarters of an acre for parking. It is in close proximity to Route 1-9, New Jersey Turnpike, Port Newark/Elizabeth, and Newark Liberty Airport.
Metz is currently exclusively representing a 40,000-square-foot industrial user/investor opportunity in close proximity to this site. Interested parties can reach him at (973) 493-0385.
About Bussel Realty Corp.
With one of the largest dedicated industrial brokerage staffs in New Jersey, Bussel Realty Corp. (BRC) is a leading industrial real estate services firm located in Central New Jersey with individual memberships in the Society of Office & Industrial Realtors (SIOR). BRC provides leasing and sales brokerage services to users, corporate occupiers, landlords, owners and investors, representing millions of square feet of property and tenant client assignments annually. The firm’s clients have included several of the largest Fortune 500 Companies, as well as numerous manufacturing, distribution and services companies both nationally and locally. Currently, BRC is handling in excess of three million square feet of corporate and industrial real estate in New Jersey.