Lee & Associates New Jersey Closes Over $15 Million in Transactions
ELMWOOD PARK, New Jersey—April 21, 2017—Doug Gaffney and Jason Lynch of Lee & Associates New Jersey, recently closed three transactions with an aggregate deal value exceeding $15 million.
In the largest of the three transactions, the team sold a fully leased two building industrial complex on 9.2 acres on behalf of Panther Graphics LLC. The two building campus is located at 256-270 Sheffield St. in Mountainside, New Jersey. In late 2016, the team had procured a tenant to fill the partially vacant complex.
In addition, Gaffney and Lynch, represented California Closets in its lease renewal for their NJ office and showroom headquarters located at 4 Gardner Rd., parallel to Route 46. The landlord is Prologis U.S. Logistics Fund. Lastly, Gaffney represented the law firm of Blume Forte et al in Chatham. A long-term lease renewal of 19,500 square feet was structured at One Main Street. Justin Gingeleskie, of the KRE Group, represented the landlord.
“We have seen an uptick in business confidence over the last few months and well located properties continue to benefit from tenant and investor demand, said Doug Gaffney, senior vice president of Lee & Associates New Jersey. “Northern New Jersey’s strong demographics along main transportation corridors have contributed to the net absorption in these submarkets. As evidenced by these recently closed deals, the industrial market continues to be a hot sector (in case of the Mountainside sale and Fairfield lease renewal) while well located office properties with strong management (like the KRE Group’s asset in Chatham) continue to exhibit increased leasing activity. “