The seller was the New York-based Sitt Asset Management, and the deal was brokered by Bill Lenaz of R.J. Brunelli & Co. of Old Bridge, NJ and Greg Nowell and Chris Santoro of the Sitar Co., Iselin, NJ. Gottesman has hired CB Richard Ellis to manage the property.
"This acquisition is ripe for the kind of improvement that comes with a hands-on, long-term approach," says Joel Brudner, EVP of the Livingston-based Gottesman. "We intend to reposition the center to match its triple-A location," he says, noting that upgrades will focus on aesthetics and building systems.
Old Mill Plaza is currently 77% occupied, including a stand-alone office building at its rear that houses the headquarters of the engineering firm Birdsall Services Group. Other tenants include Century 21 Real Estate, Shore Spine & Sport, Ralph's Ices, Wings Gym, Weight Watchers and Old Mill Travel, among others.
The acquisition is the third for Gottesman Real Estate Partners since the firm was founded this past August by Andy Gottesman, son of a co-founder of the Gottesman real estate empire in New Jersey and New York. In October, the firm bought the 204,000-sf flex building at 2 Cranberry Rd. in Parsippany and in March added the two-building, 100,000-sf office complex at 19 Roszel Rd. in Princeton.
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