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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.

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