Skip Ribbon Commands
Skip to main content

News release

EAST RUTHERFORD, NJ

JLL Inks Sale of 34 Fairfield Place in West Caldwell, NJ, for Staub Properties

Millstein Acquisitions acquires 51,600-SF light industrial building; plans to lease facility after thorough renovation


East Rutherford, NJ, April 27, 2015JLL recently completed the sale of 34 Fairfield Place in West Caldwell, N.J., for Staub Properties LLC. Milstein Acquisitions LLC bought the 51,600-square-foot light industrial building for an undisclosed amount.

Howard Weinberg, executive vice president, and Jenna Imperatore, associate, both with JLL, represented the seller in the transaction. They team worked closely with Steven Milstein, owner, and Todd Minerly, director of acquisitions and leasing, with The Stro Cos., parent company of Milstein Acquisitions.

"Milstein Acquisitions specializes in buying older and challenging flex and industrial properties to which it can add significant value," said Weinberg. "It has a stellar track record of successfully repurposing buildings that others may have written off. The new owner plans to lease the light industrial building after a thorough renovation that will include a new exterior finish, new offices and mechanical systems."

The one-story 34 Fairfield Place sits on seven acres and was constructed in 1966. The light industrial building was recently renovated, with the work including a new roof. The fully air-conditioned facility features 14-foot to 18-foot ceiling heights, three loading docks, a drive-in door and 135 parking spaces.

The 51,600-square-foot building is located on Fairfield Place near the intersection of Fairfield and Passaic avenues, and close to the Essex County Airport.

JLL is a leader in the northern/central New Jersey commercial real estate market, with nearly 800 professionals and support staff providing agency leasing, tenant representation, industrial services, strategic consulting, project and development services, property management and investment sales/capital markets services to New Jersey's leading corporate tenants, investors and landlords. The firm, which assists clients from three full-service offices in Parsippany, Iselin (Metropark) and East Rutherford, also acts as local service provider for JLL global and national corporate clients in need of real estate assistance in New Jersey. JLL's New Jersey operations were honored by NJBiz magazine as one of its 2015 Best Places to Work in New Jersey.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $53.6 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.