Cushman & Wakefield Spearheads 142,500 SF Office Sale in N.J.
- Jun 29, 2010
June 29, 2010
By Allison Landa, News Editor
Cushman & Wakefield has arranged the sale of the former Toys ‘R’ Us headquarters in Montvale, N.J. The 142,500-square-foot building at 225 Summit Ave. was sold to CB Richard Ellis Realty Trust by a partnership comprised of a fund managed by Urdang Capital Management Inc., Ivy Equities and Paragon Realty.
The two-story building is leased through 2020 by Barr Pharmaceuticals and is currently fully occupied by sublessor Medco Health Services, Inc. Completed in 1966, it sits on 35 acres and underwent an $8.5 million renovation in 2007.
“The pricing and the execution of this transaction is reflective of the asset and creditworthiness of the tenants,” Cushman & Wakefield Metropolitan Area Capital Markets Group member Gary Gabriel said when announcing the news. “It’s a great buy for CB Richard Ellis Realty Trust.”
The deal was handled by the Metropolitan Area Capital Markets Group, which represented the seller and procured the buyer. Group members involved in the transaction were Gabriel, Andrew Merin, David Bernhaut and Jared Zimmel. The group specializes exclusively in real estate sales, joint ventures and financing in Northern New Jersey, Fairfield County, Conn., and Long Island and Westchester County, N.Y. It has completed more than $13.6 billion in transactions since 2000.