Journal of Commerce Building Sold for $1.1 Mil

PHILLIPSBURG, NJ-ZPF, LLC has closed a deal to buy the Journal of Commerce building at 445 Marshall St. The sale price was $1.1 million, but no other details were disclosed. Because the Journal of Commerce once housed a printing operation in the asset, the sale required an impact study by the New Jersey Department of Environmental Protection.

ZPF is a locally based investment group headed by Michael Perrucci, who also happens to be chairman of the Democratic Party in Warren County. The other principals are George Zoffinger, chairman of Constellation Capital Corp. and former chairman of Core State Bank; local attorney Scott Ferguson; and Princeton-based real estate developer George McArthur. Zoffinger is also a former head of the New Jersey Department of Commerce.

The Journal of Commerce building is being marketed as a multi-tenant facility, and the Phillipsburg Board of Education has already committed to 11,600 sf for its administrative offices. The new owners of the building say they are presently talking to several other potential tenants.