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Gottesman Buys 52,000-SF MXD Old Mill Plaza

SEA GIRT, NJ-The 8-month-old company has made its third acquisition in the form of Old Mill Plaza, buying it from Sitt Asset Management.

By Eric Peterson | Updated on April 15, 2008

SEA GIRT, NJ-Gottesman Real Estate Partners has acquired Old Mill Plaza, a 52,000-sf retail and professional office complex at 2100 Route 35 here for an undisclosed price. That location is at the signalized intersection of Ocean Road and Route 35 in eastern Monmouth County.

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.

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