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HILLSIDE, NJ-J.G. Petrucci Co. Inc., based in Asbury, NJ, has sold its 197,817-sf 1441 Chestnut Ave. here. The buyer of what is also known as the Survivor Technologies Building is Profeta & Associates, a West Orange, NJ-based property management firm.

The seller was represented in-house in the sale, while Profeta was represented by Tom Nuara of Resource Realty of Parsippany and Edison, NJ. Terms of the transaction, including the sale price, were not disclosed by the parties.

Petrucci had acquired the asset just a year ago from Viacom for an undisclosed amount as part of its aggressive strategy to buy up value-added properties in the New Jersey and Pennsylvania regions. In the process, Petrucci inherited Survivor Technologies as a tenant occupying the entire building.

Survivor, a window distribution company, opted to stay in the building, signing a long-term lease agreement that included the completion of substantial improvements to the facility. The company uses the location as a regional headquarters and for warehouse and light assembly.

“The sale is an achievement for all of the parties involved,” according to Jim Petrucci, president of the company that bears his name. “Not only did we meet all of our investment objectives, but Survivor is the largest employer in Hillside and we are happy that the company has made a long-term commitment to stay despite numerous offers to relocate.”

While Survivor Technologies did indeed become the target of a bidding war between several competing locations inside and outside the Garden State, 1441 Chestnut Ave. is located in an urban enterprise zone that provides substantial financial incentives to end-users. The building itself, which was originally constructed back in 1960, sits on a 17.8-acre site. Within its nearly 198,000 sf is an office/mezzanine component totaling about 15,000 sf.

New owner Profeta & Associates is a 27-year-old company that currently owns and manages some three dozen medical, office, industrial and residential properties in New Jersey and four other states.

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