Real Estate News
Vantage Properties, a New York-based residential property firm, on July 7 acquired six multi-family rental properties totaling 2,200 units from AIG’s central New Jersey portfolio for $241.5 million.
Two of the properties, Quail Ridge and Pheasant Hollow, are condominium complexes in Plainsboro. Vantage purchased 1,032 units at Quail Ridge and 440 units at Pheasant Hollow. The deal was part of Vantage’s new subsidiary, Candlebrook.
This is not the first time Vantage has dipped into the residential market in Plainsboro. The firm acquired Fox Run Apartments, a 776-unit garden apartment complex, in 2009, then sold the complex to AvalonBay Communities in December. Angelo, Gordon & Co. of New York was the equity partner in all these deals.
AGFA Corporation, a developer, producer, and distributor of analog and digital imaging systems, renewed its lease at Heller Industrial Park in Dayton and expanded from 175,000 square feet to 275,000 square feet.
The expanded lease gives AGFA the bulk of the space at 419 Heller Park Court, a 419,000-square-foot building built in 1990.
Andrew Zezas, SIOR, CEO of Real Estate Strategies Corporation, advised and executed the transaction on behalf of AGFA directly with Jeffrey Milanaik of Heller Industrial Parks Inc., which owns the building.
New In Town
PalFleet Truck Equipment, 572 Whitehead Road, Suite 301, Hamilton 08619; 609-649-8559; fax. John Paternoster, sales representative. www.palfleet.com
PalFleet Truck Equipment, a Georgia-based chassis management and leasing firm, has opened a sales and installation facility at 572 Whitehead Road in Hamilton.
The facility, which provides upfits exclusively for the General Motors chassis pool, will house Chevrolet’s and GMC’s complete lineup of commercial truck products and will service distributors of Omaha Standard Palfinger cranes in the northeastern market.
PalFleet also will sell and install Eagle Lift gates, Crysteel dump truck bodies, and a complete line of snow and ice removal equipment to General Motors dealers in the northeast. The Whitehead Road facility also will house Palfinger University, a training facility for technicians.
Assist America, 202 Carnegie Center, Suite 302 A, Princeton 08540; 609-921-0868; fax, 609-921-0933. Brian Mulligan, president and CEO. www.assistamerica.com
Assist America, which provides global emergency services through employee benefits plans, has named Brian Mulligan its permanent president and CEO. Mulligan, who has served as the company’s president since January, takes over the CEO position from George Howard. Howard will remain chairman of the board.
Mulligan joined Assist America as an attorney when the company was founded in 1990. A graduate of Fordham University School of Law, Mulligan spent 20 years at Sterns and Weinroth, where he practiced corporate law and provided general corporate counsel.
Gerlinde Ord, 53, on July 3. She was an assistant professor of German at Rider’s Westminster Choir College for the past 10 years.
Kathleen McHugh, 61, on June 30. She began her nursing career in the emergency room at RWJ at Hamilton and later worked as a nurse in the Princeton school system
Herbert Bailey Jr., 89, on June 28. He was the fifth director of Princeton University Press, which he joined in 1946 as its first science editor. At 32 he was the youngest head of a major university press in the United States.