Zimmel Associates Chief Executive Officer David Zimmel said July 6 that he sold an industrial warehouse in Edison to PAG Investments for $11 million.
This is the third time Zimmel has sold the property located at 3920 Park Ave. The asset, which sits on 5.04 acres, was sold in 1988, 1995 and now in 2021 to PAG Investments, who was represented by Gershon Alexander. The building was owned by 3920 Park Avenue Associates and represented by principal Lawrence Berger in this transaction.
Zimmel represented both the seller and the purchaser.
The fully leased, one-story, 63,000-square-foot building has a 20-foot ceiling height with 3 dock-high loading doors. It’s just a 7-minute drive to the Metuchen Commuter Rail and a 10-minute drive to the Metropark Commuter Rail.
In addition to selling the building, Zimmel leased the entire building five years ago for a 10 year period of time to EOS Energy Enterprises Inc., which provides utility, industrial and commercial customers with innovative, clean energy storage systems. EOS spent $3 – $4 million in renovation for its own use, which includes 20,000 square feet of office space, 20,000 square feet of air conditioning warehouse for research and lab area, and the balance for warehousing.
“PAG thought it would be a good investment for them,” said Zimmel. “They liked the fact that a company occupied the whole building.”
“I have been fortunate to sell this building three times during my career,” Zimmel continued. “It has been a very successful building for everyone involved.”