CUSHMAN & WAKEFIELD ARRANGES 22,000-SQ.-FT. UNION LOCAL HEADQUARTERS ACQUISITION
Plumbers Local 24 will relocate its Administrative and Training Facilities to the new Site
WEST CALDWELL, N.J. – October 24, 2011 – (RealEstateRama) — Commercial real estate services firm Cushman & Wakefield of New Jersey, Inc. has arranged the acquisition of 20 Fairfield Place, West Caldwell, N.J. on behalf of United Association of New Jersey-Plumbers Local 24 Education Fund. The buyer will relocate its administrative, training, and classroom facilities to the single-story industrial building from their existing headquarters in Lodi, N.J.
Plumbers Local 24 was represented by Bonni Heller of Cushman & Wakefield’s East Rutherford, N.J. office. The seller, 20 Fairfield Place Associates LLC, was represented by Stephen Sander of CB Richard Ellis.
“This is a significant transaction, one that was concluded after a thorough, extensive search,” said Heller. “Ultimately, the location met all of Local 24’s requirements – convenience, curb appeal and image. The buyer will invest a significant amount of capital in the property to convert it to their very specific uses.”
Plumbers Local 24’s previous location had become functionally obsolete, according to union officials. The organization’s new location was recently vacated following the relocation of an automotive tool supplier, which had utilized the site as a warehouse. Work on the conversion will begin immediately, say union officials.
“This transaction was ultimately a ‘win-win’ for all parties,” said Heller. “Plumbers Local 24 was very specific in their requirements, and we were ultimately able to find the property that best satisfied those requirements.”
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