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  April 7, 2008 - Gottesman Real Estate Partners Acquires Old Mill Plaza in Sea Girt, New Jersey
Gottesman Real Estate Partners today announced the acquisition of Old Mill Plaza in Sea Girt, N.J. The 52,000-square-foot center, at 2100 Highway 35, includes retail and professional office space and is ideally situated at the heart of eastern Monmouth County’s premier retail corridor. Located at the signalized intersection of Ocean Road, Old Mill Plaza conveniently serves the upscale communities of Wall, Sea Girt, Spring Lake, Manasquan, Brielle and other desirable shore points.
Gottesman Real Estate Partners is planning significant aesthetic and systems upgrades at the property, which is currently 77% occupied. The vibrant surrounding demographics offer exceptional opportunity and value for tenants.
“This acquisition is ripe for the kind of improvement that comes with our hands-on, long-term approach,” said Joel S. Brudner, executive vice president of Gottesman Real Estate Partners. “We intend to re-position the center to match its AAA location.”
CB Richard Ellis will manage the property for Gottesman.
The site includes a stand-alone office building at its rear that houses Birdsall Services Group, a well-respected regional engineering firm. Other tenants at Old Mill Plaza include Century 21 real estate, Shore Spine & Sport, Ralph’s Ices, Weight Watchers, Wings gym, Vicki’s Nails, Old Mill Travel, Marcotte Distinctive Catering, Mane Thing Salon and Quickie Print.
Gottesman Real Estate purchased the property from Sitt Asset Management. The brokers for the seller were Bill Lenaz of R.J. Brunelli & Co., Inc., and Greg Nowell and Chris Santoro of Sitar Company.
The purchase marks the third of Gottesman Real Estate Partners’ current acquisition program, following on 2 Cranberry Road in Parsippany, N.J., and 19 Roszel Road in Princeton, N.J. This program, the newest for one of New Jersey’s well-known real estate families, was launched in 2007 to acquire high-quality commercial assets that could benefit from the type of hands-on management and long-term perspective that has been the family’s hallmark since 1956.
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