X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(For more retail coverage, click GlobeSt.com/RETAIL.)

SOUTH ORANGE, NJ-Wainco Partners LLC, a local group, has acquired the 30,000-sf, two-story mixed-use building at 75 South Orange Ave. here. The building, which dates to the 1940s, consists of ground-level retail and offices on the second floor.

The seller was Scotland Associates, represented on the legal side by Michael K. Mullen of Schenck, Price, Smith and King of Morristown. The buyer was represented by attorney Robert A. Klausner of Thacher Profitt & Wood of Summit. The deal was brokered by Julius Borrus, president of Borrus Associates of Old Bridge. And the financing was arranged by John Taylor of G.S. Wilcox & Associates of Morristown. The sale price was not released.

The just-sold asset is located in this city’s Central Business District Redevelopment area, where plans are under way for a transit village that will combine residential condos, an arts center and retail. The buyer plans to do extensive renovations to the property, according to Borrus. “It was gratifying to finally complete this transaction after long and tedious negotiations,” he says. “I commend everyone involved for staying the course.”

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
  • 1 free article* every 30 days across the ALM subscription network
  • 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
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.