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NEWARK, NJ-Goldstein Development, an affiliate of the Glen Rock, NJ-based Goldstein Group, has teamed up with ARC Properties of Clifton, NJ and Big M Inc. of Totowa, NJ to buy a two-acre parcel of land for retail development here. The seller was Home Depot; the sale price was not disclosed.

Goldstein Development is set to develop the site, located at 400 Springfield Ave., with a 20,000-sf retail building. The new asset is the final phase of a 150,000-sf urban redevelopment shopping center launched and anchored by Home Depot. Other anchors of the center are Applebee’s and Wendy’s.

“This is a significant acquisition for the partnership,” says Chuck Lanyard, principal and director of brokerage services for the Goldstein Group, who’s teaming with Goldstein vice president Lew Finkelstein to lease the new building. “Newark is undergoing a tremendous renaissance and we’re happy to be part of it.”

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