Fairfield office building sells for $10.15M

The Summit-based law firm Brown Moskowitz & Kallen P.C. represented the joint venture buyers of a Fairfield office building, the firm announced this week.

Gold Ventures and Capstone Realty Group paid $10.15 million for 30 Two Bridges Road, a three-story, 93,260-square-foot, Class A property.

The building was 90% occupied at the time of sale.

“The 30 Two Bridges property is a jewel in the Essex County marketplace, and especially the routes 80 and 46 interchange,” Michael J. Greenberg, partner, real estate, at Brown Moskowitz & Kallen, said in a prepared statement. “Our clients opportunistically leveraged an uncertain market to acquire a well-performing, attractive off-market asset in an unrivaled location with an excellent long-term tenant roster and high occupancy at a substantial discount.”

The property had been acquired by the seller for $14 million several years ago.

Financing for the transaction was secured by Capstone from Tom Guinan and Len Carlucci at Lakeland Bank. The buyer and seller were represented by Glenn Dulmage, senior vice president, MRH Real Estate Services Inc.