Lightstone Buys Flex Building for $16M

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.