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Lightstone Buys Flex Building for $16M

LAKEWOOD, NJ-The company will occupy a portion of the 110,499-sf asset and lease most of the rest back to the seller.

By Eric Peterson | Updated on February 21, 2008

LAKEWOOD, NJ-The Lightstone Group has acquired the 110,499-sf office/warehouse building at 1985 Cedarbridge Rd. here, GlobeSt.com has learned. The sale price was $16 million, which translates to nearly $145 per sf. for the single-story asset.

And Lightstone will occupy part of the building, a spokesman tells GlobeSt.com. As an adjunct to the company’s headquarters at 326 Third St. here, the real estate company will take over a 25,000-sf portion of the building for use as its corporate operations center. The site will house the company’s commercial and residential property management group, certain accounting functions, financial support and lease administration.

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