(Read more on the industrial market.)

PARSIPPANY, NJ-Gottesman Real Estate Partners, a new entity, has made its first acquisition in the form of Cranberry Plaza, a 204,000-sf industrial/flex building at 2 Cranberry Rd. here. As reported by GlobeSt.com, the new entity was launched in August by Andy Gottesman, Joel Brudner and Anthony Angelosante with a target of buying properties in the $5-million to $35-million range.

And the new acquisition is indeed in that range, trading for a shade under $19.1 million or approximately $93 per sf. The seller was AVR-Pars LLC, an entity controlled by the Yonkers-based AVR Realty Co. Jeffrey Dunne, Kevin Welsh and Jeffrey Oram of CB Richard Ellis' New York Tri-State Region Institutional Group arranged the deal, representing the seller. The trio also procured the buyer and worked with the servicer in the assumption of an existing securitized loan on the asset.