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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.