Shop Rite, A&P, Bally’s & L’Oreal properties included in acquisition
CLARK—An investment group led by the Fell Organization, a highly respected New York City-based real estate firm with a national portfolio in excess of 20 million square feet, closed last week on the purchase of 75 acres containing 24 properties from the Villa Family.
“I am very pleased to welcome The Fell Organization to Clark Township,” said Mayor Sal Bonaccorso. “This is a real estate entity that has 50 years of experience in real estate management and development. I’m proud that a major full-service real estate firm targeted Clark as a prime location for investment.”
The Fell Organization’s investment group Includes Lloyd Goldman, a New York-based real estate investor with holdings that include the World Trade Center lease.
In a prepared statement released following the acquisition, the Fell Organization said: “When we identified the opportunity in Clark and began researching the possibilities of making the purchase, it was important to reach out to the municipal government and open a dialogue. It was apparent from our very first meeting with Mayor Bonaccorso and his team that he truly has an understanding of Clark today and a vision for its future that matches ours. We thank him for helping facilitate our first acquisition in New Jersey.”
The purchase includes many of the parcels located along Terminal Avenue, including the buildings utilized by L’Oreal’s for production and administrative offices. Along Central Avenue, the Shop-Rite, Bally’s and Rite Aid are included along with the Synergy Bank and Suburban News buildings. The A&P on Raritan Road is also included in the transaction.
“This is a mega-real estate transaction in our township and one I believe will be a great benefit to Clark in both the present and the future,” said Bonaccorso. “The Fell Organization is one of the nation’s foremost real estate development companies and has been a model of stability for more than 50 years. They saw what Clark had to offer as a commercial, retail and residential location and decided that it was the right place make an investment. That says a lot about us, where we are today and where we are heading.”
The transaction also will put and end to litigation between the Villa family and the township involving the building of senior housing on Terminal Avenue, according to the mayor.
“I’ve been working with Fell since last fall and fully recognize that they are cutting edge in the arena of real estate management and development,” said Bonaccorso. “There were concerns about the properties along Terminal Avenue and some were predicting troubling times should L’Oreal leave Clark. Now we move forward with a powerful new entity investing in our town and our future. It’s exciting.”
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