Sales

PLAINFIELD, NJ–Bussel Realty Corp. has brokered the sale of 1280 North Avenue in Plainfield, New Jersey, a 19,400-square-foot industrial facility. The property was purchased by 1280 North Avenue Associates for $1.45 million from TJK Associates, a client of BRC executive vice president Gregory Irving, SIOR, for more than 25 years. Irving and BRC vice president Manny Judah were responsible for the transaction and represented the seller. Cresa New Jersey represented the buyer. 1280 North Avenue is a fully-leased 19,400 square foot industrial property with 18' ceiling heights, 40-foot by 40-foot column spacing, two loading docks and two drive-in doors. The property offers access to Routes 28 and 22, and is in close proximity to I-78.

WHITING, NJ–Eastern Union Funding arranged a $7 million acquisition loan for a 113,000 square-foot retail property in Whiting, NJ. The 12-unit property, 108 Lacey Road, is anchored by Dollar General, Sav-a-Lot, and Wells Fargo. Buyer Angelo Gambino - who owns several assets throughout the greater metropolitan area - purchased the property from Abe Tress of Sun Equity Partners. EasternE Union Funding's Mark Perlowitz and Martin Zelcer negotiated the deal. Provided by Columbia Bank, the loan features a fixed rate of four percent for ten years on a 15 year amortization schedule. “Our answer to the claim that retail centers are going dark would be deals like this,” says Perlowitz. “The retail sector, nationwide and here in New Jersey, is heating up.”