Cushman & Wakefield said on Sept. 29 that it arranged the sale of 1 Slater Drive, a 240,000-square-foot industrial building in Elizabeth.
The final sale price was $34.5 million. A Cushman & Wakefield team of Gary Gabriel, Kyle Schmidt, Ryan Larkin, Eli Millstein, Chuck Fern and Gary Casaletto represented the seller in the transaction.
“1 Slater Drive offers a rare value-add opportunity of scale in an ideal location nearly adjacent to Port Newark-Elizabeth,” said Schmidt. “Fully leased to a diverse tenant roster and situated in an Opportunity Zone, it’s no surprise we saw strong interest in this asset.”
Fully occupied by seven tenants, 1 Slater Drive sits on 8.18 acres and is located 1 mile from Port Newark-Elizabeth. The property features high-throughput functionality, including 58 loading positions, 200-foot depth, 185-foot truck court, 110 trailer drops and an adjacent lot for tractors/employee parking.
1 Slater Drive is minutes from Newark Liberty International Airport and New Jersey Turnpike/Interstate 95 Exit 13A.