The seller was the New York-based Sitt Asset Management, and thedeal was brokered by Bill Lenaz of R.J. Brunelli & Co. of OldBridge, NJ and Greg Nowell and Chris Santoro of the Sitar Co.,Iselin, NJ. Gottesman has hired CB Richard Ellis to manage theproperty.


"This acquisition is ripe for the kind of improvement that comeswith a hands-on, long-term approach," says Joel Brudner, EVP of theLivingston-based Gottesman. "We intend to reposition the center tomatch its triple-A location," he says, noting that upgrades willfocus on aesthetics and building systems.


Old Mill Plaza is currently 77% occupied, including astand-alone office building at its rear that houses theheadquarters of the engineering firm Birdsall Services Group. Othertenants include Century 21 Real Estate, Shore Spine & Sport,Ralph's Ices, Wings Gym, Weight Watchers and Old Mill Travel, amongothers.


The acquisition is the third for Gottesman Real Estate Partnerssince the firm was founded this past August by Andy Gottesman, sonof a co-founder of the Gottesman real estate empire inNew Jersey and New York. In October, the firm bought the 204,000-sf flexbuilding at 2 Cranberry Rd. in Parsippany and in March addedthe two-building, 100,000-sf officecomplex at 19 Roszel Rd. in Princeton.

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