69 King St. in Dover — Courtesy: Team Resources
By Joshua Burd
Team Resources has announced the sales of two North Jersey industrial buildings, including a former manufacturing complex that is now slated for mixed-use redevelopment.
The Lyndhurst-based real estate firm said it represented A&H Partnership LLC in its sale of the building, 69 King St. in Dover. The property is a 200,000-square-foot complex made up of five interconnected, multistory buildings on 1.84 acres.
Terms were not disclosed. Ed Schein and Jeff Fulton handled the assignment for Team Resources, while Allan Settlow of Newmark Associates represented the buyer, Lakos Construction.
“The developer intends to convert a portion of the former textile & clothing manufacturing complex into a mixed-use property consisting of both residential and commercial components,” Schein, a senior vice president with Team Resources, said in a news release.
The deal was one of two closed by the firm in the first week of May. In the other, Senior Executive Vice President Ron Sholom represented 143 Grand Street LLC in its purchase of 55 Shepherds Lane, a roughly 172,600-square-foot property in Totowa near Interstate 80 and Route 46.
John Friedland of United Realty Advisors represented the seller, Shepherds 55 SG LLC, which recently renovated the property.
“The purchaser had been looking for a building that would both accommodate his need for space and satisfy a 1031 exchange requirement,” Sholom said. “Shepherds Lane accomplished both of these goals. In addition, approximately half the building is leased, providing income as well as future expansion.”