For Russo, the acquisition marks the company's entry into theMorris County market. The company's existing portfolio consistsprimarily of class A flex properties in Bergen County. JeffRosenberg of Grubb & Ellis represented the seller, while theHackensack, NJ-based Russo Development was representedin-house.
"This is a well-located parcel," says Omer Ahmed, vice presidentof acquisitions for Russo. "We are targeting new acquisitions, bothland parcels and existing facilities, throughout the state. Thisacquisition is an ideal entry into the Morris County marketplacefor us."
Specific plans for the property haven't been announced yet.
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