JERSEY CITY, NJ—Simi Capital and Criterion Group have purchased a 135,000 square foot industrial building situated on six acres at 21 Caven Point Avenue in Jersey City, NJ from a joint venture of Avidan Management and Elberon Development Group for $16.5 million.
According to Real Capital Analytics, a proprietary research database, the Avidan-Elberon joint venture acquired the property in January.
The property is located less than three miles from the Holland Tunnel and is part of the Port Industrial Submarket serving as a distribution hub for Lower Manhattan and Brooklyn. This submarket of 74 million square feet has a vacancy of only 3.1%. The partnership closed on the acquisition after it executed a lease for the entire property with an industrial tenant out of the New York City market.
“We are delighted with the acquisition of this prime industrial property in a strategic New York/New Jersey market location,” says Andrew Skydell, founder of Simi Capital. The property is ideally located to serve the growing demand for last-mile distribution facilities in the Northeast, and we are confident of the long term desirability for this extremely well positioned industrial space.”
Criterion Group is based in New York City and was founded in 2002 by Shibber Khan. Andrew Skydell, before founding Simi Capital in 2017, was with Innovo Property Group. Simi Capital is a New York-based national real estate investment firm with a focus on value add acquisitions.
Jordan Metz of Bussel Real Estate represented the sellers, and the lease was arranged by Lubna Abbassi of North Globe Properties.