|Elizabeth, N.J. – In the City of Elizabeth’s Main Business District and most-historic section, Gebroe-Hammer Associates’ Executive Vice President Stephen Tragash has arranged the sale of 1139 East Jersey St., a six-story, 45,000-SF mixed-use building, for an undisclosed price. The firm’s Union County market specialist for the past 17 years exclusively represented the seller and long-time owner, Edron Realty, and procured the buyer, a private investor.
Built in the 1920s, the Midtown property is situated at the high-identity corner of Jefferson and East Jersey Street. It is located adjacent to the famous Ritz Theater & Performing Arts Center and within steps of the City of Elizabeth Municipal Complex, front-door NJ Transit Bus service along Route 62 and a five-minute walk to Elizabeth Station, offering NJ Transit North Jersey Coast Line and Amtrak Northeast Corridor service.
Originally constructed as apartments, 1139 East Jersey Street is a historically stabilized micro-office building with marble flooring and walls in the lobby and two elevators.
“The buyer, who was extremely familiar with this asset, recognized what a tremendous addition 1139 East Jersey Street would make to their current commercial real estate portfolio, given its exceptional location and enviable track record for long-term 100 percent occupancy – even in several past recessionary cycles,” said Tragash.
Featuring 84 micro-offices with 200-SF floorplans, current ground-floor retailers include a hair salon, lash studio, beauty spa, staffing agency and dining/takeout establishment. Classified as a “walker’s paradise” neighborhood by WalkScore.com, U.S. Route 1 and N.J. Route 27 also are nearby.
The trade of 1139 East Jersey Avenue comes on the heels of a January multifamily building sale orchestrated by Tragash in Elizabeth, the largest city in and county seat of Union County, to kick off 2023.
As a leading single-source investment brokerage services firm with decades-long industry relationships, Gebroe-Hammer is the multifamily firm-of-choice dedicated to representing each client’s unique interests and requirements as well as acquisition and disposition needs throughout the New Jersey-New York State-Greater Philadelphia Metro corridor. The firm also markets mixed-use and freestanding office and retail properties.
While serving as each client’s leading advocate, the firm’s market specialists demonstrate unrivaled agility and commitment to streamlining the entire sales process, from contract to closing. In addition to serving in a collaborative capacity as a trusted strategic advisor, Gebroe-Hammer’s brokerage professionals are on the frontlines of thriving and emerging centers of multifamily activity throughout the region, where they also are identifying future opportunities.