133 Terminal Ave. in Clark — Courtesy: Zimmel Associates
By Joshua Burd
An investment group has acquired some 147,000 square feet of commercial space in Clark, seeking to reposition an eight-building portfolio that was anchored by L’Oréal.
According to Zimmel Associates, which brokered the sale, ANG Terminal Avenue LLC paid an undisclosed price for the properties on Terminal Avenue and less than a mile from the Garden State Parkway. The firm will occupy two of the buildings, 133 and 159 Terminal Ave., which have a combined 74,000 square feet, while it’s now marketing the remaining spaces to prospective tenants as they become available.
Zimmel Associates’ Jason Zimmel leads the leasing team, having already completed a long-term, 9,141-square-foot deal at 75 Terminal Ave. with Children’s Specialized ABA. He noted that the tenant expects to renovate the building.
“ANG is a family investment company we have worked with for more than 30 years,” said David Zimmel, president of Zimmel Associates. “They were actively seeking a larger investment in the Clark market and were able to move efficiently to close within a 60-day timeframe. We look forward to supporting the new ownership with leasing as opportunities arise across the portfolio.”
In a news release, Zimmel said the portfolio comprises eight buildings, most of which were previously occupied by L’Oréal. The cosmetics giant has vacated the space after expanding its headquarters across the street, the firm said, adding that buildings within the portfolio are expected to become available over time.
