SHORT HILLS, NJ, January 30th, 2024 – The Blau & Berg Company, a leading commercial real estate brokerage firm in the New Jersey and Tri-State area since 1932, has secured the purchase of the ±30,253 SF two-story office building situated on ± 8 AC at 349 1st Street in Elizabeth. The Blau & Berg Company’s Ashley Rosa, Director with Senior Directors, Tamara Blau and Brad Jacobs, represented the buyer, Yankee Line.
The property, formerly owned and operated by Coach USA, features a 30,253-square-foot high-bay bus garage and a 13,340-square-foot two-story office building near Newark Liberty International Airport, Port of Elizabeth, and the New York metropolitan region.
The buyer, Yankee Line, headquartered in Boston, MA, plans to use the facility as a state-of-the-art bus, motorcoach, and maintenance facility. The site is strategically located to support Yankee’s expanding commuter, transit, and motor-coach services throughout New Jersey, New York City, and the broader I-95 corridor.
“This facility is exactly what Yankee needed to enhance its operations in New Jersey, particularly with its growing partnership with Boxcar, a New Jersey-based commuting company that serves key communities in Morris, Essex, and Bergen counties,” said Blau & Berg’s Ashley Rosa. “It’s rewarding to see this deal come to fruition after navigating such a complex transaction process. Professional Planner Phil Abramson, CEO of Newark-based Topology, was an instrumental part of the deal team. We increasingly rely on planners to help resolve complex zoning matters as part of the due diligence phase. In this case, it expedited the process and helped us avoid sites with costly and unpredictable regulatory issues quickly.”
With high demand for industrial properties in New Jersey, the search for a suitable site posed significant challenges, including zoning and access issues. “This transaction required extensive due diligence, valuation expertise, and strategic negotiation,” Rosa said.
With industrial outdoor storage and transportation-focused facilities in high demand, this deal highlights the growing importance of well-located infrastructure assets in supporting New York City and regional transit systems.
“This investment reflects our continued commitment to providing quality ground transportation with our diverse fleet of mini coaches, transit buses, and motorcoaches to the Greater New Jersey and New York City area. From transit contract opportunities to tour operators, we’re looking forward to continuing to provide service for our existing customer base and exploring new opportunities with clients and partners that value the level of service and commitment we proudly deliver,” said Donald Dunham, Yankee Line.
“Yankee Line’s investment in this turnkey facility underscores the resilience of New Jersey’s industrial real estate market,” added Jason Crimmins, President of The Blau & Berg Company. “We’re proud of Ashley and her team’s work on this deal, which not only reinforces her reputation as a rising star in the field but also demonstrates Blau & Berg’s ability to deliver results in complex, high-value transactions.”
