The transaction was arranged by sales associate Michael Zuckerman and broker associate Michael P. Cicchino of Weichert Commercial Brokerage Inc., based in Morris Plains, NJ. The duo represented both the buyer and the seller. Details of the transaction, including the sale price, were not disclosed.
The complex consists of a combination research and lab building of some 70,000 sf, along with a companion office building of 48,000 sf. The two buildings are located on 8.5 acres of land in this Union County city. New Jersey Schools Construction Corp. officials say that in addition to renovating and converting the buildings into a middle school, the excess acreage will be utilized for a combination of bus parking and recreational space.
The New Jersey Schools Construction Corp. was established three years ago by the state as a public/private partnership to oversee the state's long-term, $8.6 billion effort to add new schools, renovate old ones and adapt other facilities for school use. Funding for the various projects will come largely from bond issues.
Weichert Commercial, meanwhile, is an affiliate of Weichert, Realtors, one of the country's largest residential brokerages.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
