Edison, N.J. – David Zimmel, CEO of Zimmel Associates once again sold 3920 Park Avenue, Edison, New Jersey, an Industrial Warehouse built in 1970.
Zimmel, sold the building in 1988, 1995 and recently to PAG Investments, who was represented by Gershon Alexander for $11 million. The building was owned by 3920 Park Avenue Associates and represented by the Principal Lawrence Berger in this transaction. David Zimmel represented both the seller and the purchaser of this fully leased building.
3920 Park Avenue sits on 5.04 acres, which is well-maintained, landscaped and very attractive. The 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 ten-year period of time to EOS Energy Enterprises, Inc., which provides utility, industrial and commercial customers with innovative, clean energy storage systems. 3920 Park Avenue, Edison serves as EOS’ NJ headquarters for research and development, and their manufacturing plant is located in Pittsburgh, PA.
When EOS came in, they spent $3 – $4 million in renovation for their own use, which includes 20,000 square feet of office space, 20,000 square feet of air conditioning warehouse for their research and lab area, and the balance for warehousing. “Pag thought it would be a good investment for them,” said David Zimmel. “They liked the fact that a company occupied the whole building.”
“I have been fortunate to sell this building 3 times during my career,” said Zimmel. It has been a very successful building for everyone involved.”
ABOUT ZIMMEL ASSOCIATES:
Zimmel Associates is a full service corporate real estate brokerage firm that provides knowledge-driven real estate leasing, sales, consulting, and property management services. Clients include owners, tenants, investors, and developers. The firm is well known throughout New Jersey where they represent more than 5 million square feet of exclusive space. Zimmel Associates’ geographic scope also includes New York and Pennsylvania.