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NEWARK-Zalman Deitch, based in New York City, has acquired a 202,000-sf industrial building on seven acres at 320 Elizabeth Ave. here from CGM Newark Properties LLC, an investor group. The sale price was not disclosed.

The transaction was arranged on behalf of the seller by Darren M. Lizzack, sales associate, and Hal B. Messer, corporate services associate for NAI James E. Hanson of Hackensack, NJ. The duo had picked up the exclusive sales assignment for the property late last year. The buyer was represented by Gary Mayzline of the Brooklyn, NY-based Kalmon Dolgin Affiliates Inc.

The building is currently 95% leased to CGM Industries Inc., a third-party warehouse and logistics provider that uses it as its home base. Other than its tenancy, CGM Industries is not related to the seller of the property.

CGM Newark Properties, meanwhile, will retain and redevelop a portion of the site. “There was additional space with the building which the owners did not sell due to its being functionally obsolete,” says William C. Hanson, president of NAI Hanson. “CGM Newark Properties has obtained approvals from the City of Newark to demolish the front section of the building.” He says there will be a new 91,000-sf, four-story building constructed that will be used as a self-storage facility.

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