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Villa Family Sells 1-Million Square-Foot Mixed Use Commercial Real Estate Portfolio in the Garden State
Existing Condition Drawings by VECS Group Facilitate One of the Largest Real Estate Transactions of 2008 in the Tri-State Area
Morris Plains, New Jersey (PRWEB) August 20, 2008 — V.E.C.S. Group LLC (VECS)
It was reported earlier this summer that a very talented brokerage team from Newmark Knight Frank sold the Villa families Clark, NJ portfolio of over 1-million square-feet office, flex, retail and industrial real estate despite the current credit crunch in the Northeast real estate sector.
The team headed by Managing Director Richard Mirliss, successfully sold the 22 buildings on 70 prime New Jersey acres just 25 miles west of New York City to the Feil Organization. Both companies relied heavily on CAD drawings produced by V.E.C.S. Group LLC (Verified Existing Conditions Services Group) in order to bring the deal to a close.
The Portfolio is comprised of production facilities, offices and retail outlets for major corporations including L’Oreal, ShopRite, A&P, Bally’s and Rite Aid. Over the years the footprint of each building was altered in order to accommodate the business activities of these high profile tenants rendering the as-built drawings useless.
“We used our mobile CAD units and state of the art laser measuring devices in order to deliver accurate finished drawings to Newmark Knight Frank in just a few days” says Jason Caravello, CEO of the VECS Group. “I am pleased that VECS was able to provide both the buyer and the seller with the accurate information that they both needed to close such a large and complicated transaction”, Caravello goes on to say.
In the past it could take months for a seller to acquire existing condition drawings a task that VECS, in many cases can turn around in just 24 hours. The advent of the latest CAD software combined with state of the art laser measuring devices has enabled companies like VECS to quitley expedite and simplify the commercial real estate process. Transactions large and small need accurate drawings to protect both the seller and the buyer.
“This has to be one of the largest transactions to take place in the tri-state area so far this year” said Richard Mirliss. The portfolio was listed with an asking price of $100 million, but the final purchase price remains undisclosed.
To learn more about this innovative company and their state of the art technology visit http://www.VECSgroup.com
About V.E.C.S. Group LLC.:
Specializes in existing conditions surveys, as-built surveys, computer aided design CAD and computer aided facilities management CAFM. Our team produces high quality measured drawings for architects, engineers, building owners, developers, and facility managers. www.VECSGroup.com
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Wednesday, August 20th, 2008 at 2:35 am under
