(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.
“This property provides a solid core for our strategy of finding long-term assets that can be managed to high returns with prudent leverage,” Gottesman says. Located within the Fox Hill Industrial Park in Morris County, the building was fully leased at the time of sale.
“Both the buyer and the seller are to be commended for their performance in consummating this transaction,” Oram says. “It included a fairly complex loan assumption process.”
Major tenants include Ingersoll-Rand Security Technologies, Aviall Services Inc. and Tronex International. The property has been the site of substantial leasing activity in recent years, with Tronex signing on for 47,000 sf just two years ago, and Aviall taking 27,000 sf in 2004.
Built in 1986 by Turner Construction, 2 Cranberry Rd. has immediate access to route 46 and 202 and proximity to I-80 and I-287. Its features include 20 dock-high loading doors and three loading doors. “It offers Gottesman a well-leased, well-positioned asset in one of New Jersey's top industrial submarkets,” Oram says.
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