CB Richard Ellis'

Real Estate Weekly, March 1, 2000

CB Richard Ellis' tri-state Investment Team exclusively represented KB Opportunity Fund II in the sale of 2777 Summer Street in Stamford, CT. This 109,744 square-foot property was sold to Collins Summer, LLC, an entity controlled by Collins Enterprises of Old Greenwich, CT. KB Opportunity Fund II was advised by Koll Bren Sebrieber Realty Advisors.

"In 1995, the tri-state Investment Team represented a different owner in the sale of 2777 Summer Street to KB Opportunity Fund II. Since then, KB has made impressive improvements to the property by growing rents, increasing occupancy and rebuilding the structured parking garage," said Jeff Dunne, head of the tri-state Investment Team. "We are pleased to have had the chance to work with KB Opportunity Fund II again."

"With the majority of the capital improvements completed, 2777 Summer Street is well-positioned to take advantage of the increasing demand for smaller tenant buildings." said Dwight Collins, who is part of the ownership, and negotiated on behalf of Collins Summer, LLC.

Denholtz Associates, in conjunction with its joint venture partner, The Zaro Group, has entered into two transactions with Meridian Health System as part of the redevelopment of the former Lily Tulip plant in Holmdel, NJ. With 235,000 square feet of retail space, 70,000 square feet of Class A office space. 156 active adult homes and 240 Senior living units, the Lily Tulip property constitutes New Jersey's largest redevelopment project.

The Meridian transactions are comprised of a long-term 22,000 square-foot lease for office space at Commons Way and the sale of a 10-acre site where Meridian will build a 210-unit assisted living community and a 130-bed skilled nursing facility. Meridian will utilize the office space in collaboration with its independently practicing physicians to enhance health services to the local community. Construction of the new office building is expected to be completed by the end of 2000. The assisted living community is slated for a spring 2001 opening. The Schultz Organization and R.J. Brunelli & Co., Inc. were the co-brokers of the Meridian office lease.

The Holmdel redevelopment project is set on a 120-acre site that was the former 1 million square-foot Lily Tulip plant, which operated as an electronics factory in the late 1980's. The facility had sat vacant for more than 10 years. Denholtz/Zaro bought the property in 1998. Located on Route 35 at Laurel Avenue, this new development will be the largest new commercial real estate project in Holmdel, with an expected value of more than $100 million. The retail portion of the development will be fully pre-leased to a roster of quality national tenants.