PARSIPPANY, N.J. & WEST HEMPSTEAD, N.Y.--(BUSINESS WIRE)--GTJ REIT (GTJ), a public non-traded real estate investment trust based in West Hempstead, NY, is pleased to announce that its industrial property located at 20 East Halsey Road in Parsippany, NJ has received a 2017 Award of Excellence for “Best Commercial Renovation” by the Metropolitan Builders and Contractors Association of New Jersey (NJ Metro).
NJ Metro is the local chapter of the National Association of Home Builders and is affiliated with the New Jersey Builders Association. The organization has about 300 members in Essex, Hunterdon, Morris, Somerset, Union and Warren counties and represents home builders, remodelers and the trades and professionals who support them. Its Awards for Excellence are a coveted acknowledgement by others in the real estate industry. This year, there were 166 entries vying for awards commending everything from marketing efforts to new million-dollar homes and renovations to entire condominium or rental complexes.
The 66,600-square foot industrial property located at 20 East Halsey Road was purchased by GTJ in 2014 and is situated on 7 acres of land in Parsippany, New Jersey. The property is ideally located at a four-way interchange on Interstate 287 at Exit 40, and offers excellent visibility for tenants.
Paul Cooper, CEO of GTJ, commented, “We are delighted to receive this award from NJ Metro. When we purchased this property in 2014, it had fallen into disrepair and our plan was to fully refurbish and restore the property to appeal to future tenants. This award represents follow-through on these plans and we couldn’t be happier with the final results.”
Louis Sheinker, President and COO of GTJ, added, “We were fortunate to have the opportunity to purchase a property with unlimited potential, for below market value. After many years of vacancy, we know future tenants will be impressed with the quality design and construction of this space following our thoughtful renovations.”
About GTJ REIT
GTJ REIT is a fully integrated, self-administered and self-managed, public, non-listed REIT engaged in the acquisition, ownership, and management of commercial real estate in the Northeast and Mid-Atlantic areas. For more information, please see www.gtjreit.com.