The Edison, NJ-based Whitehall, an affiliate of Goldman Sachs, had acquired the two-building, 64,000-sf property about two years ago. "The sale is in keeping with our strategy of creating value in the marketplace," according to Whitehall SVP Mark McConnell. "By redeploying capital, we believe that current market conditions offer excellent buying opportunities in our target markets."
Starfire Lighting will occupy a portion of the facility, joining current tenant Topcon, a manufacturer and distributor of optical and ophthalmic equipment. The brokers responsible for the sale were David Cantor and Joe Manganara of Carlstadt, NJ-based Team Resources.
Whitehall Industrial Properties, which has a portfolio in the New Jersey, Boston and Baltimore/Washington markets, was formed in late 1999 with an initial equity investment of $75 million by the Whitehall Street Limited Partnership of Goldman Sachs. The 7 Industrial Dr. property was acquired shortly thereafter as part of a larger portfolio acquisition in Wood-Ridge and neighboring Carlstadt.
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