10/22/2007

CBRE New York sells Cranberry Plaza for $19.05

by

Cranberry Plaza

Livingston, N.J.-based Gottesman Real Estate Partners has purchased Cranberry Plaza, a 203,871 square foot industrial/flex property in Parsippany, N.J., for $19.05 million from AVR-PARS, LLC, an entity of AVR Realty Company.

Jeff Dunne, Kevin Welsh and Jeffrey Oram of CB Richard Ellis' New York Tri-State Region Institutional Group (NYTRIG).

The property is located at 2 Cranberry Rd. in the Fox Hill Industrial Park. It was developed in 1986 by Turner Construction Company and was 100 percent leased at the time of sale to tenants such as Ingersoll Rand Security Technologies, Aviall Services, Inc., and Tronex International, Inc.

Parsippany, N.J., is located roughly 18 miles west of Newark.

Dunne is the leader of the NYTRIG, a 12-person team that specializes in New York and eastern second-tier cities. He was the Gale Company's Broker of the Year in 2002 and recently arranged the $14.3 million sale of the Holly Pond Plaza in Stamford, Conn.

Welsh is the first vice president with the NYTRIG and is responsible for the New Jersey operation. He has completed 18 sales over the last 18 months totaling approximately $500 million.

Oram, vice president of the NYTRIG, is the former CIO and vice president of corporate real estate for TSR Wireless LLC. He works on all asset classes of real estate: office, multi-family, retail and industrial.

Address: 2 Cranberry Plaza, Parsippany, N.J.

Size: 203,871 square feet

Built: 1986

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Filed Under: Industrial

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