WEST ORANGE, NJ — An apartment complex in West Orange with a link to famed inventor Thomas Edison recently sold for a whopping $131 million.
Edison Lofts, a 334-unit luxury multifamily community at 33 Ashland Avenue with nearly 19,000 square feet of retail space, recently traded ownership, according to real estate firm Cushman & Wakefield.
The seller, Prism Partners and its capital partners, and the buyer, Sym Investments, were both represented by Cushman & Wakefield, which arranged a $91.7 million acquisition loan featuring a full-term interest-only structure from New York Life.
The firm released the following background details about the property:
"Edison Lofts comprises two residential buildings totaling 334 apartments. The community includes The Residences at Edison Lofts, a 300-unit conversion of the historic Thomas Edison Battery Building, a former manufacturing building, and The Mews at Edison Lofts, a 34-unit ground-up residential building. The property was 95% occupied at the time of sale and features a 32,000-square-foot amenity package that includes a fitness center, indoor pool, resident lounges and outdoor gathering spaces."
"Edison Lofts attracted significant investor interest because it offers a combination that is increasingly difficult to replicate in today's market," said Niko Nicolaou of Cushman & Wakefield.
"The property delivers the character of a historic conversion with the scale, amenities and accessibility that continue to resonate with today's renters," Nicolaou said. "Coupled with strong occupancy and a favorable tax pilot, it represented a rare opportunity to acquire a well-positioned multifamily asset in one of Northern New Jersey's most active investment markets."
Prism Capital Partners completed the restoration and residential conversion of the historic Thomas Edison Invention Factory and Commerce Center in 2018. The project centered on the adaptive reuse of the Thomas Edison Battery Building.
A planning document from the Township of West Orange shares some additional background about the property's link to the famed inventor:
"Thomas Edison moved to West Orange in 1886. The following year Edison built a new laboratory complex on what he believed would be a perfect site. From 1906 -1914, Edison built a one-million square feet industrial complex. The Battery Building was made entirely of reinforced 'Portland' cement and steel. The complex has 14-feet and 16-feet ceiling heights with more than 750 individual window openings consisting of 'oversized' multi-panel industrial windows. The Battery Building, which is Phase I of the Downtown Redevelopment, was part of this industrial complex. The Battery Building manufactured alkaline storage batteries for light delivery vehicles, automobiles, railroad signals, industrial applications and mining equipment. The Battery Building ceased operation in 1965."
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