Preferred was represented in the transaction by Jeff Toia, SVP and director, and associate VP Toby Nelson of the Garibaldi Group/Corfac International of Chatham. The seller was Hanover Business Associates, a Whippany-based group.
The sale price was not disclosed. The building had been acquired in 2002 as part of a five-building portfolio by a predecessor to the seller.
"Preferred Business Systems is one of Northern New Jersey's largest office automation companies," Toia says. "That led to the demand for a larger office space. The building at 20 Leslie Court is the perfect location for their operations, as they are relocating from a smaller location in Whippany."
Preferred is an 11-year-old company that operates as a supply and service center catering to the office automation needs of businesses and non-profit enterprises. Headed by founders Paul Riccio and Rich Campbell, the company represents Panasonic and Savin in the sale and servicing of office automation equipment. The company will initially utilize 10,000 sf within its new building.
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