Municipal Square at 80 Main St. in West Orange — Courtesy: Iron Ore Properties LLC
By Joshua Burd
A group led by Iron Ore Properties LLC has purchased a 101,000-square-foot office building in West Orange, marking the first sale of the asset in more than 50 years.
According to the buyers, 80 Main St. is 90 percent occupied with many long-term tenants across the medical, legal and financial sectors. The group paid an undisclosed sum for what’s known as Municipal Square, noting that the sellers had owned and managed the property since its construction in the early 1970s and owned it outright after buying out a ground lease in 1999.
“We are thrilled to purchase such an amazing asset in the heart of West Orange,” said Josh Mann, co-managing member of Millburn-based Iron Ore. “The sellers faithfully maintained the building for over five decades. It is a rare opportunity to purchase over three acres across from the West Orange Municipal Building and at the corner of two major thoroughfares, Mount Pleasant Avenue and Main Street.”
Mann also noted that the property is adjacent to the Llewellin Park gated community and down the block from the Thomas Edison National Historic Park.
“The building survived COVID and the current office market because of its location, management and value,” he said. “We look forward to making building upgrades and considering the best uses of the entirety of the property moving forward.”
Sheldon Gross President Marcy Gross, Executive Vice President Jonathan Glick, Executive Vice President Barbara Gross and Vice President Eric Weston, whose firm is a long-term tenant of the building, brokered the transaction. Brad Domenico and Jack Subers of Progress Capital Advisors procured financing from Lakewood-based First Commerce Bank on the buyers’ behalf.
Roger J. Desiderio of Bendit Weinstock PA, also long-term tenants of the building, provided legal representation to the seller, while Matthew Schiller and Holly Burke of Murphy Schiller & Wilkes LLP provided legal representation for Iron Ore alongside Mann.
“We understand there are headwinds against the office market, but we think this is a strategic purchase in a great location,” Iron Ore Co-Managing Member Josh Sternberg said. “We look forward to upgrading the building and continuing the great tradition of tenant service and local management the building is known for in the marketplace.
“For Iron Ore, the office purchase adds an additional commercial asset to their portfolio. The company owns retail properties in Trenton and Cranford in addition to multifamily and mixed-use assets the company developed in Maplewood, Plainfield, Bayonne and Cranford.”
