The sale to the Harbor Group, a local partnership, "demonstrates our value-added property program," says George Molloy, vice president of marketing for the Asbury-based JGPCO. "This was a very positive transaction for all concerned."
The sale was brokered by David Zimmel of Zimmel Associates, Edison. The building, located near Interstate 287, has a tenant roster that includes Federal Express; Royal Blue Financial, a supplier of financial trading software; and Kali Laboratories, a generic pharmaceutical R&D company.
The sale is one of several transactions JGPCO has been involved in since the start of the year. Previously, the company bought the 44,000-sf office building at 369 Passaic Ave. in Fairfield, which it will retrofit as an educational facility. Also under development is a 17-acre site here that was acquired from BOC Group. Plans for the latter acquisition are to develop up to 220,000 sf of 32-foot clear industrial space.
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