X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Wellsford Commercial Properties Trust, based in Chatham, NJ, has closed on the former Channel Home Centers facility in Whippany, NJ. The seller was the L.R.F. Slater Co.

WCPT is planning to reposition the 150,000-sf building, situated on 15 acres adjacent to an I-287 interchange, as a high-tech office building. The company hopes to have approvals in place and begin construction by early next year.

The project is being modeled after WCPT’s repositioning of the Morris Technology Center in Parsippany, NJ. That was fashioned from an abandoned facility and is currently fully leased.

Frank Gunsberg, executive director of Cushman & Wakefield of NJ, closed the deal for WCPT, which has subsequently appointed C&W as exclusive leasing agent for the redevelopment.

WCPT is a private REIT with a portfolio of 44 properties totaling 5.5 million sf of class A space, about half of it in NJ.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

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

  • Free unlimited access to GlobeSt.com'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 ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.