EAST BRUNSWICK, NJ-A local investment company known as 311-79th Street Corp. has acquired a 55,560-sf industrial building at 5 Lexington Ave. here. The seller was Jipamar LLC, a holding company for a shipping concern that occupies the buildings.
The sales price was not disclosed. The seller was represented by Robert Bowman, vice president, and Jonathan Glick, senior vice president of Sheldon Gross Realty, West Orange, NJ. The buyer was represented by Davis Realtors, a locally based firm.
"In 2002, we represented Jipamar in its purchase of the building," Glick relates. "The original purchase by Jipamar was part of a 1031 tax-free exchange, and we assisted them in the sale of one of their other properties as well."
Under the terms of the latest sale, Jipamar will continue to occupy the building, at least for the short term. The group has leased back the premises for one year, although the new owner has the right to terminate the lease in the event they find a new long-term tenant. Davis Realty has been given the exclusive for that.
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