GlobeSt.com EXCLUSIVE: Advance Buys Southgate III

Sean Ryan is associate editor of Real Estate New Jersey .

MORRISTOWN, NJ-Advance Realty Group has inked a deal for the vacant 445 South St., the 325,000-sf office building also known as Southgate III, in the Southgate Corporate Park. New York City-based Lawrence Zirinsky Associates has owned the three-building complex–which also contains the 210,000-sf 475 South St (Southgate I) and the 190,000-sf 435 South St. (Southgate II), as well as 48 acres of developable land–since last year. Southgate I is fully leased to Atlantic Health Systems, and Southgate II is fully leased to UPS.

The sale price was not disclosed. CB Richard Ellis’ New York Tri-State Investment Team of Jeffrey R. Dunne and Kevin P. Welsh worked with Sean Cahill of the CBRE Stamford office on behalf of Zirinsky, and to procure Advance.