Terry Armstrong

Elberon Development Group

Elberon Development Group, a third-generation family business, has been developing, constructing, owning, and managing commercial real estate for almost 100 years. Founded by David O. Evans in 1918, the company began as a general contractor. From its beginnings as a builder and seller of homes in Union County, New Jersey, the company has evolved into a full-service commercial real estate business, while maintaining a localized geographic focus in the same area where the business started. As the Port of Elizabeth and Newark and Newark Airport grew and prospered, Elberon continued to develop and own a portfolio of commercial real estate in close proximity. Through the past several decades, tenants have included General Motors, Kraft Foods, Wakefern Food Corp (Shop Rite), Federal Express, DHL, and the United States Postal Service. Presently, Elberon owns and manages a portfolio of approximately 2 million square feet, much of which consists of warehouse space in Elizabeth, NJ, within two miles of either the airport or the Port. The portfolio includes several of the same properties originally developed by the founder of the Company, and several others acquired from third parties. During the past 10 years, many of the sites developed during the 1960s or 1970s have been demolished and redeveloped to create modern, state-of-the art warehouse and office space suitable for the exacting demands of today's most quality-oriented tenants. Other properties not fully redeveloped have been substantially renovated or repositioned. Elberon will continue to look for opportunities to leverage its local expertise to grow through acquisition or development in the same geographic area. The Company also provides services to third parties on a selective basis in the form of property management, asset management, or consulting as to leasing, renovation, or development.