The buyer was Federation Logistics, a company specializing in the warehousing and distribution of consumer goods. Zimmel Associates was the exclusive broker for the building, which traded for a number "in excess of $5 million," according to Zimmel.
In a second building sale, Pecaso Realty, represented in-house by Joseph Espinosa, bought 1405 North Broad St., a 90,000-sf, two-story building fronting on US Route 22 in Hillside. The seller was Production Realty Holding 1405, repped in-house by Robert Harmon. The sale price of $3.3 million translates to just under $37 per sf. Production Realty Holding had acquired the asset in 1999 in a transaction similarly arranged by Zimmel.
The third transaction was a 10-year lease extension by Thales Avionics at 3920 Park Ave. here. The signing, which covers just under 44,000 sf, has an aggregate rental of more then $2.8 million, according to Zimmel. The latter is the exclusive broker for the building and is currently marketing 20,000 sf of high-tech space.
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