X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LAKEWOOD, NJ-The Lightstone Group has acquired the 110,499-sf office/warehouse building at 1985 Cedarbridge Rd. here, GlobeSt.com has learned. The sale price was $16 million, which translates to nearly $145 per sf. for the single-story asset.

And Lightstone will occupy part of the building, a spokesman tells GlobeSt.com. As an adjunct to the company’s headquarters at 326 Third St. here, the real estate company will take over a 25,000-sf portion of the building for use as its corporate operations center. The site will house the company’s commercial and residential property management group, certain accounting functions, financial support and lease administration.

“Lightstone’s move is the direct result of extensive growth over the past few years,” the spokesman says. Lightstone bought the asset from Jesel Valvetrain Innovation, a manufacturer of automotive race-driven systems. Under the terms of the deal, Jesel has leased back approximately 68,000 sf and will continue to use the site as its headquarters. The remaining space, approximately 17,000 sf, will be put on the market for lease.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • 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

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.