Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ROCKAWAY, NJ-Russo Development has acquired a 45-acre land parcel here for an undisclosed price. The seller was Cal East, a joint venture between LaSalle Investment Management and CALPERS (the California Public Employees’ Retirement System).

For Russo, the acquisition marks the company’s entry into the Morris County market. The company’s existing portfolio consists primarily of class A flex properties in Bergen County. Jeff Rosenberg of Grubb & Ellis represented the seller, while the Hackensack, NJ-based Russo Development was represented in-house.

“This is a well-located parcel,” says Omer Ahmed, vice president of acquisitions for Russo. “We are targeting new acquisitions, both land parcels and existing facilities, throughout the state. This acquisition is an ideal entry into the Morris County marketplace for us.”

Specific plans for the property haven’t been announced yet.

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?



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.