CBRE Facilitates Sale-Leaseback Deal in NJ
- Feb 14, 2019
Seiko Holdings Corp. has sold 1111 MacArthur Blvd. in Mahwah, N.J., for $10.3 million. According to public records, Shinhan Bank America provided a $7.1 million acquisition loan to the buyer, 1111 MacArthur Boulevard LLC.
The two-story property encompasses 140,420 square feet of office/tech space on 18.9 acres. The building was completed in 1979 and underwent renovations in 1990. Following the sale, Seiko Holdings Corp. has leased back 18,400 square feet. The other tenant in the building is software technology company Nuance Communications, which currently occupies 27,317 square feet. Additionally, Interstate 287 and Route 17 are the major thoroughfares providing transportation throughout the area.
CBRE First Vice Presidents Thomas Mallaney and Randy Eigen and Advisor Conor Dolan marketed the property for sale and represented Seiko in the transaction. Most recently, the company acquired a UK-based global data center firm. United Realty Advisors’s John Friedland and Mark Tannen acted on behalf of the buyer. On the legal side, McManimon-Scotland-Baumann’s John Oberdorf Jr. and McDonnell & Whitaker’s Bruce Whitaker represented the buyer and the seller, respectively.
“The property provided the buyer with the opportunity to own a wonderful asset with two blue-chip tenants already in place,” Mallaney said in a prepared statement “This transaction has accomplished the seller’s goal of monetizing an underutilized asset. Additionally, the new ownership will be able to utilize the balance of the facility for its own real estate needs.”
Image courtesy of Yardi Matrix