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BLOOMFIELD, NJ-Prism Capital Partners LLC of Fort Lee, NJ has acquired the 857,157-sf industrial complex located at 5 Bloomfield Ave., here and at 545 N. Arlington Ave., East Orange, NJ. The property is divided down the center by the border between the two North Jersey cities.

The seller was Yad Realty LLC of Brooklyn, which got $21 million, or just under $25 per sf for the 16-acre asset, built in 1932. The transaction was sourced by Todd J. Lowe, president of Lowe Commercial Realty Group of Asbury Park, NJ, who terms the property “a classic industrial building and site.” No other brokers were involved.

The property has had a variety of uses in the past 70 years or so, including the manufacture of submarine engines during World War II. Currently, it’s being used as a multi-tenant facility with a variety of small, medium and large space users. New owner Prism Capital Partners intends to make extensive capital improvements to its latest acquisition, located at Exit 148 of the Garden State Parkway, but has yet to announce its specific plans.

“It was a major transaction to close and took a considerable amount of time and effort,” Lowe tells GlobeSt.com. “Fortunately, I was able to represent the seller and also procure the buyer for the property. The transaction was basically ‘off the radar,’ as it was not formally listed and marketed. Lowe adds that the buyer had to make certain that the property was environmentally safe, which it is, but that process delayed the closing for a few months. “Unfortunately, that part of the transaction is basically out of our hands, and it created additional anxiety for all involved. Fortunately, everything went well and we closed. Both the buyer and the seller seemed that they received what they wanted out of the transaction.”

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