November 14, 2018
NKF has negotiated the sale of Denholtz Associates’ 108,000-square-foot flex/R&D building at 175-195 Terminal Ave. in Clark, NJ, for $15.8 million to ANG Management. Steven M. Schultz and Tony D. Georgiev of NKF handled the sale of the property, which has been leased since 1992 to L’Oréal.
The property serves as the headquarters of L’Oréal’s North American R&D division, one of six L’Oréal R&D centers in the world and the only one in the U.S. It’s part of the Clark Commercial Center, a 10-building, 283,201-square-foot portfolio purchased by Denholtz in a 2015 joint venture with MB1.
“In an asset class dominated by long-term asset ownership like industrial, it might be hard to believe that value can be found in as short of a timeframe as three years,” said Denholtz president Steve Cassidy. “Despite that notion, we were able to create value in a relatively short period of time at 175-195 Terminal Ave.”
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