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MILLBURN, NJ-The building is relatively small, just 13,119 sf, and the sale price in and of itself isn’t enormous, $5.3 million. What’s eye-popping about the deal is the per-sf sale price, a whopping $404. Some are calling it a record in the Garden State.

In the transaction, which was arranged by David J. Iacobucci, vice president and director of asset management for the Schultz Organization/TCN Worldwide of Woodbridge, NJ, the building moved into the hands of Bluestar Clove LLC, a private local investment group. The seller, also repped by Iacobucci, was Pinnacle Millburn Development LLC.

“This transaction is an indication of the quality of 265 Millburn Ave., as well as the desirability of this submarket,” Iacobucci says. “This is a win-win transaction that achieved the buyer’s objective of completing an acquisition as part of a tax-deferred exchange, and the seller’s objective of achieving a premium price for the property quickly.”

The two-story class A building, which opened less than a year ago, is fully occupied by PNC Advisors. It was constructed by Pinnacle Communities, based here, and designed by architect John Buchholz.

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