Jones Lang LaSalle

Industrial Company Buys 91,000-SF Building
By Eric Peterson
Last updated: April 14, 2006 08:05am
(To read more on the industrial market, click here.)

ROCKAWAY, NJ-Titanium Industries has acquired the 90,600-sf industrial/office building at 18 Green Pond Rd. here. The seller was Plastic Specialties and Technologies Inc., which moved its regional operations to another site.

The price was not disclosed. For Titanium Industries, the acquisition marks that company’s headquarters relocation from its existing site in Parsippany. TI provides a variety of titanium mill products to the industrial, aerospace, medical and specialty markets.

Both the buyer and the seller were represented by brokers from the Schultz Organization, based in Woodbridge. Specifically, Titanium was represented by Schultz senior managing director Douglas Gaffney, and by the firm’s Tony Georgiev. The seller was represented by senior managing director John Friedland and James Klayman.

Following its move-in, TI will occupy a total of 40,000 sf in its new building, about 7,000 sf of which will be used for the company’s headquarters offices. The remaining space at the site will be marketed for lease, and TI has given the leasing exclusive for that space to Schultz.

Distribution and/or light industrial are the targeted uses. "This is a good location for companies that need easy access to the New York metropolitan area," says Gaffney, who notes its proximity to Interstate 80.