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.

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"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.

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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.

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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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