X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.