SOUTH ORANGE, NJ-Wainco Partners LLC, a local group, has acquired the 30,000-sf, two-story mixed-use building at 75 South Orange Ave. here. The building, which dates to the 1940s, consists of ground-level retail and offices on the second floor.
The seller was Scotland Associates, represented on the legal side by Michael K. Mullen of Schenck, Price, Smith and King of Morristown. The buyer was represented by attorney Robert A. Klausner of Thacher Profitt & Wood of Summit. The deal was brokered by Julius Borrus, president of Borrus Associates of Old Bridge. And the financing was arranged by John Taylor of G.S. Wilcox & Associates of Morristown. The sale price was not released.
The just-sold asset is located in this city's Central Business District Redevelopment area, where plans are under way for a transit village that will combine residential condos, an arts center and retail. The buyer plans to do extensive renovations to the property, according to Borrus. "It was gratifying to finally complete this transaction after long and tedious negotiations," he says. "I commend everyone involved for staying the course."
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