"Our view is that this complex represented an overlooked asset in a niche market which afforded excellent upside potential," according to Lincoln Equities partner Joel Bergstein. "We plan to reposition this asset from a single- to a multi-tenant complex. We will be significantly investing in upgrading the facility as well."

Indeed, Lincoln Equities has already begun the process. While the new owner was closing on the acquisition, it was also in the process of negotiating and signing a long-term lease with C & S Grocers for a total of 305,000 sf of space. C&S will similarly use it as a distribution center.

The Garibaldi Group, based in Chatham, NJ, represented both the buyer and the seller in the sale. The firm's James J. Garibaldi and Joseph J. Garibaldi, IV represented Lipton, a subsidiary of Unilever, while John J. Garibaldi represented Lincoln Equities. Edward Dudzinski of Atlantic Realty represented C & S Grocers in the subsequent lease transaction. Neither the sale price nor other details of the two transactions were disclosed.