In the first, Fort Lee, NJ-based Prism Capital Partners bought 390, 400, 420 and 440 Veterans Blvd. and 484 Washington Ave. in Carlstadt, NJ from Utility Packaging. The portfolio includes three one-story office buildings and a former bank branch, as well as a 1.5-acre development site. The purchase price was not disclosed.
"Prism has added to its growing regional portfolio with established assets in the Meadowlands submarket," says Stifelman, who teamed with C&W's Steve Elman to rep both the buyer and the seller. "Investor sales continue to lead activity in New Jersey, and Utility Packaging took advantage of this current climate to achieve an attractive sale price."
In Alexandria Twp., Hunterdon County, meanwhile, Toll Brothers bought 181 acres of land from Forsat Inc., a California-based REIT. The Huntingdon Valley, PA-based Toll has the site, which was previously an equestrian center, slated for residential development.
"The residential market in Hunterdon County is booming, and this property is an attractive opportunity for Toll to expand its presence," says Stifelman, who combined with Frank Gunsberg to put the deal together.
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