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L'Oreal's Clark R&D facility sells for $15.8M

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ANG Management has purchased 175-195 Terminal Ave. at the Clark Commercial Center, the home of L’Oreal’s North American R&D division, from Denholtz Associates for $15.84 million.

Real estate advisory firm Newmark Knight Frank announced the sale for the Clark property Monday.

According to NKF, the 108,000-square-foot building has been leased to L’Oreal since 1992 and is the only such center in the country, and just one of six worldwide.

Clark Commercial Center is a 10-building portfolio purchased by Denholtz in 2015 through a joint venture with MB1. After the purchase, Denholtz initiated capital improvements at the building which resulted in a long-term lease extension with L’Oreal, NKF said.

NKF Executive Managing Director Steven Schultz and Managing Director Tony Georgiev managed the deal.

Denholtz is a real estate development, investment and management company based in Matawan.

NKF has New Jersey offices in East Brunswick, Rutherford, Whippany, Morristown and Marlton.

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Jessica Perry

Jessica Perry

Jessica is the Web Editor for NJBIZ. You can reach her at jperry@njbiz.com.

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