Lightstone Group adds 110,000 square feet

Seller leases back more than 60% of building

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The Lightstone Group today announced it purchased a single-story, 110,499-square-foot office/warehouse building in Lakewood, N.J., for an undisclosed price. Situated on 11 acres at 1985 Cedar Bridge Ave., the building will become the new home of The Lightstone Group's New Jersey Operations Support Center, including its commercial and residential property management, accounting, financial support and lease administration functions. Purchased from Jesel Valvetrain Innovation, a manufacturer of automotive race-driven systems, The Lightstone Group plans to occupy 30,000 square feet of the building during the summer of 2008. The company will be moving from its present Lakewood location at 326 Third St. Jesel has leased back approximately 68,000 square feet, and The Lightstone Group plans to lease the remaining 10,000 square feet. ...