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CARTERET, NJ—AG Real Estate Funds, in a venture with Belvedere Capital and Young Woo & Associates, has leased the 241,000-sf NJ Telecom Center at 1300 Federal Blvd. here to GTE Corp. Payments on the 10-year lease will total $41 million over 10 years.

AG and partners purchased the vacant property from an undisclosed investor earlier this year; it was formerly a warehouse for the Wiz, the regional electronics retail chain owned by Cablevision Systems Corp. The latter had acquired the chain last year, rescuing it from bankruptcy. After a number of Wiz stores were closed and the chain’s distribution needs were reduced, the Carteret facility became surplus property.

Cushman & Wakefield Inc. acted as broker in both the purchase and lease transactions. AG Real Estate Funds is the real estate investment arm of Angelo, Gordon & Co.

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