By Joshua Burd
A two-building industrial complex in Mountainside has changed hands, one of three recent northern New Jersey deals arranged by brokers with Lee & Associates.
Doug Gaffney and Jason Lynch, who are based in the firm’s Elmwood Park office, represented Panther Graphics LLC in the sale of the 80,000-square-foot property at 256-270 Sheffield St. The 9.2-acre campus is fully leased following a deal that was brokered by the same team late last year.
Gaffney and Lynch also represented California Closets in a 12,960-square-foot lease renewal at its New Jersey office and showroom headquarters in Fairfield, Lee & Associates said in a news release. The property at 4 Gardner Road, which runs parallel to Route 46, is owned by Prologis U.S. Logistics Fund.
Gaffney, meantime, represented the law firm of Blume Forte Fried Zerres & Molinari in a long-term lease renewal in Chatham. The firm occupies 19,500 square feet at One Main Street, where Justin Gingeleskie of KRE Group represented ownership.
“We have seen an uptick in business confidence over the last few months and well located properties continue to benefit from tenant and investor demand,” said Gaffney, senior vice president of Lee & Associates New Jersey. “Northern New Jersey’s strong demographics along main transportation corridors have contributed to the net absorption in these submarkets.
“As evidenced by these recently closed deals, the industrial market continues to be a hot sector — in case of the Mountainside sale and Fairfield lease renewal — while well located office properties with strong management — like the KRE Group’s asset in Chatham — continue to exhibit increased leasing activity.”
