Business Services Industry
Morgan Development
Real Estate Weekly, April 19, 2000
Morgan Development has purchased a 71,000 square-foot industrial property at 3301 Tremley Point Road in Linden, New Jersey, from Cytec Industries, announced Cushman & Wakefield, Inc. This complex transaction began in late 1997, when Cytec Industries, a specialty chemicals firm, consolidated its operations to another location in Linden.
Morgan Development entered into contract to acquire the warehouse/ distribution facility, which is located on 10 acres. Remediation issues delayed the closing, and the real estate investment firm subsequently signed a long-term lease for the property in order to move forward on its conversion to multi-tenant usage.
Before the sale was completed, Morgan Development had subleased the entire building to eight tenant s. They include Amtrak, Day El Transportation, Infan-To Teen, Lau Inc., Naito Design Inc., Nexus International and Peterri Trucking Inc.
Frank Caccavo of Cushm[acute{a}]n & Wakefield of New Jersey, Inc. in East Rutherford, represented Cytec Industries, with Daniel Mambrino of Cushman & Wakefield of Connecticut, Inc. in Stamford. Herbert Horn of Cushman & Wakefield of New Jersey in Parsippany served as broker for Morgan Development.
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