Kushner expands industrial, retail holdings

Kushner Cos. has continued to expand its commercial portfolio with the acquisition of six northern New Jersey industrial buildings and one retail center totaling 220,000 square feet.

The company purchased the properties in Whippany, Fairfield and East Hanover from Bert Kaplan for approximately $22 million.

The Kaplan portfolio includes four industrial buildings in Whippany, at 125, 145 and 156 Algonquin Parkway, and 30-40 Leslie Court; and two properties in Fairfield at 341 and 344 Kaplan Drive.

The multi- and single-tenant structures were 100 percent leased at the time of sale.

The acquisition also involved a 35,000-square-foot retail center at 420 Route 10 in East Hanover, which houses an Amazing Savings, Party City and PBK Carpet. Kushner Cos. is currently negotiating lease terms with a fourth tenant that will bring the center to full occupancy.

Florham Park, N.J.-based Kushner Cos. is a diversified real estate organization.

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