CBRE COMPLETES $5M SALE OF FOUR NORTHERN NEW JERSEY PROPERTIES

SADDLE BROOK, N.J. — CBRE has completed a $5 million sale of a combination of four industrial and office properties in Totowa and Flanders, N.J. The portfolio consists of 141 and 171 Shepherds Lane in Totowa and 51 Old Ledgewood Rd. in Flanders, as well as an adjacent empty five-acre lot at 49 Old Ledgewood Rd. Verizon occupies the 33,600-square-foot building at 171 Shepherds Lane and the 7,715-square-foot building at Old Ledgewood Rd. The company, which just negotiated 10-year leases on the properties with CBRE, uses the facilities as industrial service centers. The 27,000-square-foot 141 Shepherds Lane office site is vacant. Charles Berger, Elli Klapper and Thomas Mallaney of CBRE's Saddle Brook office represented the owner in the transaction. Seth Pollack of the Private Capital Group procured the undisclosed buyer.