16A — March 16 - 29, 2012 — New Jersey — Mid Atlantic Real Estate Journal



Collectively exceeding $7.5 million Richter Grusd of Sperry Van Ness close three industrial sales

I SELIN, NJ – Sperry Van Ness | Richter Grusd announced the closing of three industrial properties for sale collectively exceeding $7.5 million. “The user market has picked up considerably over the past twelve months though the sale inventory for decent warehouse buildings along the Turnpike remains rather tight. Conse- quently, the deal cycle has been taking much longer,” says Doug Richter, Managing Director of the Metropark based organiza- tion. Details of the closings in- clude:

on the cover of Born To Run. Closing Price: $3,250,000 7-9 Pleasant Hill Road Cranbury, NJ Size: 23,000 square feet Buyer: Whitman, represented by Doug Richter and Ian Grusd CCIM SIOR of Sperry Van Ness Seller: Jaffar, Inc., represented by Mary Ryan of Franzwa Real Estate Advisors Notes: Whitman, an engineer- ing and renewable energy con- sulting firm, will be relocating its office from East Brunswick. Closing Price: $1,800,000 22 Cragwood Road Avenel, NJ Size: 40,000 square feet Buyer: Sitex Group, repre- sented by George Molloy SIOR of Grubb & Ellis Seller: HLP Associates LP, represented by Doug Richter and Ian Grusd CCIM SIOR of Sperry Van Ness Notes: Investment sale. Multi-tenanted distribution fa- cility which was 100% occupied at closing. Close proximity to NJ Turnpike Exit 12, Newark Liberty International Airport and the Ports. Closing Price: $2,475,000 Managing directors Doug Richter and Ian Grusd were both named Top 20 Advisors in the US by Sperry Van Ness International (SVNI) out more than 800 advisors nationwide. ■

735 Rahway Avenue Union, NJ Size: 58,683 square feet

Buyer: Schott NYC, repre- sented by Doug Richter and Ian Grusd CCIM SIOR of Sperry Van Ness Seller: Gelb Estate LLC, rep- resented by David Fisher of Weichert Commercial Notes: Buyer is relocating from Elizabeth and will use the building as their new head- quarters for manufacturing and distribution. Schott’s famous bomber and leather jackets have been worn by many icons including James Dean, Marlon Brando and Bruce Springsteen

7-9 Pleasant Hill Road


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