12-building portfolio sold for $78 million

Real Estate Weekly, Nov 14, 2001

The CB Richard Ellis Tri-State Investment Team, led by Jeff Dunne, along with David Simson, formerly of CB Richard Ellis and currently with GVA Williams, represented Keystone Property Trust in the sale of two office and industrial portfolios. The portfolios, consisting of 12 buildings, sold for $78.05 million. The CBRE team also procured the buyer, The Kushner Companies, and through Jim Gunning of CBRE's subsidiary, LJ Melody, secured $25 million in mezzanine financing from GMAC.

The first portfolio includes 10 buildings that range from 6,800 to 156,000 SF, including 1655 Valley Road in Wayne, N.J. This building serves as the U.S. headquarters for Reckitt Benckiser. The other nine buildings are located in the towns of Oakland and Fair Lawn, N.J. and include major tenants such as Paid Prescriptions, Inc., a division of Merck/Medco, Cablevision and Verizon. The second portfolio consists of two multi-tenanted buildings, 128 Bauer Drive in Oakland and 22-08 Route 208 in Fair Lawn.

"It is particularly gratifying to be able to assist a valued client, such as Keystone Property Trust, in all facets of a transaction to ensure a positive outcome on their behalf," said CBRE Tri-State Investment Team leader, Jeff Dunne. "This transaction is representative of the wide range of services the Tri-State Investment Team can provide to its clients through the utilization of CBRE's comprehensive national network of investment, brokerage, management and finance professionals."

David Simson commented, "These were complex transactions and the commitment and dedication of both Keystone Property Trust and The Kushner Companies to the successful completion of these deals is a testament to the professionalism of both organizations."