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PARSIPPANY, N.J. — Gottesman Real Estate Partners has purchased 2 Cranberry Road, a 203,871-square-foot flex building in Parsippany from an affiliate of AVR Realty Co. for $19.05 million. The buyer assumed a $12.28 million first mortgage on the property. The facility was Gottesman’s first purchase under its new acquisition program. The two-story building offers flexibility to tenants with light industrial, warehouse, distribution, manufacturing or office needs. Six tenants — The Hammer Company, Ingersoll-Rand Security Technologies, Aviall Services, Tronex International, Diamondair USA and The Padded Wagon of New Jersey — occupy the property. Built into a gentle grade, the structure loads from all sides through 20 docks that access various models. The first floor contains a 22-foot ceiling, while the second floor features an 18-foot ceiling. Column space is 24-foot by 30-foot. Amenities include a ratio of 1.8 parking spaces per 1,000 square feet and usable outdoor balconies. The buyer plans to continue improvement of landscaping and visibility on behalf of the tenants. The building’s location offers access to interstates 80, 287 and 280, Route 46 and Highway 202. CB Richard Ellis’ Tri-State Regional Institutional Group was the sole broker in the transaction.

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