Dixon Mills changes hands in New Jersey

Property made famous by pencils

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CB Richard Ellis' New York Tri-State Investment Team arranged the sale of Dixon Mills, a 467-unit apartment community in Jersey City, N.J. The value of the transaction was $78.5 million, or $168,094 per unit. Dixon Mills Associates I-III and Wayne Dixon Venture sold the property to a partnership between GoldenTree InSite Partners and Robert Martin Company LLC. Dixon Mills includes 4,233 square feet of retail space and 325 parking spaces on approximately seven acres. Originally built as the Joseph Dixon Crucible Company's plant and headquarters, the property is listed on the National Register of Historic Landmarks and was famous for producing the "Ticonderoga" brand pencils. The Morris Cos. -- parent company of the sellers -- completely renovated the property in 1988 and converted it into an apartment complex that retained much of its historic character and architecturally distinctive features. The CB Richard Ellis New York Tri-State Investment Team specializes in the sale of inves...