Jones Lang LaSalle

November 18, 2005
Cisco Agrees to Acquire TV Set-Top Box Maker

By MATT RICHTEL and KEN BELSON

Cisco Systems Inc., the Internet equipment provider, said today it had reached a deal to buy Scientific-Atlanta, a maker of television set-top boxes, for $6.9 billion.
The news highlights a desire by networking equipment makers to take advantage of the growing convergence of Internet technology, telecommunications and entertainment.
Cisco will pay $43 per share for each share of Scientific-Atlanta, a 3.7 percent premium over than the stock's closing price on Thursday, the companies said in a statement. Cisco will use cash and debt to finance the transaction. Scientific Atlanta's $1.6 billion cash balance means Cisco will end up spending $5.3 billion.
In the last month, Scientific-Atlanta's stock has surged 26 percent on speculation that the company would be bought. Those gains have pushed the company's market capitalization to $6.4 billion.
Scientific-Atlanta's stock rose $1.15, or 2.9 percent, to $41.45 Thursday. Cisco's shares rose 15 cents, to $17.37.
Cisco said the deal had been approved by the boards of both companies, but it still faces a review by antitrust regulators, and shareholders of Scientific-Atlanta must vote on it.
With the deal, Cisco will, for the first time, be able to sell digital television equipment that provides high-definition programming; shows and movies on demand; and an array of interactive services. Scientific-Atlanta, the second-largest provider of these set-top boxes, and Motorola, the largest, have effectively held a duopoly in this market.
"Video is emerging as the key strategic application in the service provider triple play bundle of consumer entertainment, communication and online services," John Chambers, Cisco's president and chief executive officer, said in the statement.
Both Scientific-Atlanta and Motorola have long supplied set-top boxes to cable operators like Comcast and Time Warner Cable. The boxes, though long viewed as stodgy decoders of encrypted television signals, have become far more sophisticated in recent years.
Scientific-Atlanta and Motorola now produce boxes that receive high-definition programs and include digital video recorders; soon they will include DVD recorders as well.
Cisco is envisioning a future that includes home entertainment systems built around a set-top box that communicates with not only the television, but also with audio equipment and a range of appliances. Cisco also sees potential growth in services that store television programming on giant servers for delivery to consumers on demand.
Scientific-Atlanta is also likely to benefit from a requirement that broadcasters return their analog spectrum to the government in 2009. By then, hundreds of millions of American televisions will need the equipment to receive digital signals.
"One of the nice things about set-top boxes is that they are constantly being overhauled," said Bruce Leichtman, president of the Leichtman Research Group, which tracks the telecommunications and cable industries. "The cycle never ends."
A purchase of Scientific-Atlanta would be a coming-out party of sorts for Cisco as a more consumer-oriented company. The company has been best known for equipment that routes data around the Internet. These so-called routers have turned Cisco, with $24 billion in annual sales, into a bellwether stock.
Cisco made its biggest push into the retail market so far in 2003, when it acquired Linksys, a big maker of Internet routers for the home, for $500 million.
Still, any deal carries considerable risk for Cisco shareholders. The question of how digital equipment will merge with digital entertainment remains up in the air. As a result, there is no assurance that Scientific-Atlanta can retain its dominant position in the set-top box market.
In the late 1990's Cisco made a similarly big push into the telephone equipment market when phone companies new and old were spending billions on Internet and related equipment. That effort, which depended far more on acquisitions of small start-up companies, had mixed results and it took Cisco some years to break into the nation's large regional phone companies.
In acquiring Scientific-Atlanta, based in Lawrenceville, Ga., Cisco is buying a much bigger and more established company with 6,500 employees and $1.9 billion in annual revenue. Almost all its profit comes from sales of set-top boxes and related equipment.
Cisco, which is based in San Jose, Calif., has 34,000 employees.
The deal ends a great deal of speculation about Scientific-Atlanta's future. The company's president, James F. McDonald, is said to be nearing retirement, and the company, which has ample cash, has largely avoided any acquisitions.
In the statement, Cisco said Mr. McDonald would stay with the company and report to Michelangelo Volpi, a senior vice president who has overseen dozens of acquisitions at the company.
Private Capital Management, run by Bruce S. Sherman, is Scientific-Atlanta's largest shareholder, with 18.2 million shares, or an 11.8 percent stake.
Vikas Bajaj contributed reporting for this article.

Jones Lang LaSalle



NYC 11 18 05 SILVERSTEIN'S VANISHING POINT Peter Slatin
New posturing on all sides of the Ground Zero rebuilding effort may finally be leading up to one vanishing point: the price it will take to ease Larry Silverstein out of some or all of his leasehold.

Spurred on by Mayor Michael Bloomberg's latebreaking but rightminded recent attempts to assert much needed control over the Ground Zero rebuilding process, the Port Authority appears to be stepping up its efforts to speed development effort.

Port Chairman Anthony Coscia noted Thursday that rebuilding has been slow and that it might be worthwhile to see some housing and retail on the site. In discussions taking place far off stage, the configuration and scale of any retail is a huge issue. According to sources, the Port has prepared drawings that basically fill in Cortlandt Street. If these plans are carried out, there will be no view west from Church Street for some 500 feet. This would create a streetwall that is antithetical to the public consensus for a site that, in vision and access, is fully reintegrated into the city's grid. The Port also has prepared plans for two to three below- and above-grade stories of retail along Church, the site's eastern edge.

Silverstein, however, has resisted this, saying he doesn't want any retail that would take space away from the grand lobby space that office landlords and tenants love – but THAT won't be build for years, if ever. (in the meantime, less than inviting construction holes greet thronging visitors.j He also is not interested in permitting the early construction of retail pedestals atop which buildings could later rise.

Silverstein's adamant stance has the earmarks of a classic negotiating tactic. After all, said one seasoned downtown observer, "the more involved Silverstein stays into it, the more it can be perceived that he has a right to major compensation if he has to walk."

Indeed, Silverstein appears to be maneuvering for a high-cost exit while also making a fully credible show as the archetypal New York developer by squeezing out the last dollar from anyone wandering into his orbit. But the vacuum of market demand continues to suck the hot air out of Silverstein's tired insistence on his right to build 10 million square feet of office space at the site. Even as he talks up a resonant vision of the 24/7 commercial, residential and touristed downtown of the future, Silverstein is not budging on what would enable real progress on the two projects in his more immediate control – the nearly completed 7 World Trade Center and the nearly begun (but not really) Freedom Tower.

Despite the best efforts of a team of top-notch brokers from CB Richard Ellis at the gleaming, 52-story, 1.6 million-square-foot 7 World Trade Center, just two tenants have signed on, for a total of barely 50,000 square feet. In late October, rumors swirled through the real estate industry that a back-door deal negotiated directly by Mayor Bloomberg and Deputy Mayor Dan Doctoroff had brought Citigroup into the building for anywhere from 300,000 to 1 million square feet. But hopes vaporized at a heavily attended CBRE market-forecast breakfast when Silverstein's only announcement – illustrated with an adorable slide - was that he had become a proud new grandfather.

That deal, says a source close to the action, has "gone quiet." Citigroup had earlier walked away from a deal at the enormous 55 Water Street, as did Newsweek. In October, the Toy Center also backed out of its own downtown deal, at 100 Church Street.

In the face of a less than compelling market, Silverstein is holding fast to asking rents ranging from $50 to $60 a square foot at the tower. Those numbers would be cut by approximately $10 to $12 by the generous tax and other incentives in place for downtown tenants. That would make them almost competitive with the asking rents at Brookfield Properties' highly amenitized World Financial Center.

Seven World Trade is not the only place where Silverstein is being aggressive on asking rents. At Freedom Tower, one brokerage source who asked not to be identified told The Slatin Report that Silverstein is demanding extremely high rents from a consortium of broadcast networks for leasing rights to antenna space atop the structure. The high rates have further delayed the controversial project and may have even forced the Spanish-language broadcaster to drop out of the bidding.

It is all just business and politics as usual, and perhaps that's a fitting thing for Ground Zero. After all, if these players began cooperating, moved to seek resolution without regard for political favor or personal gain, that would be a violation of the spirit of New York development. By staying this sorry course, at least they are all being true to the history of power struggles and commercial conflict that is an undeniably rich part of the city's legacy. Once in a while, though, one needs an exception to prove the rule.

All sides of the Ground Zero rebuilding seem rooted in stone, but that could be for the cameras.

Jones Lang LaSalle
Opus East Start Construction of 88,000-SF Spec Office Building
By Eric Peterson
Last updated: November 18, 2005 08:48am

EVESHAM TWP., NJ-Opus East has started construction on Lake Center V, an 88,000-sf multi-tenant class A office building within Lake Center Executive Park in the Marlton section of this South Jersey township. The project is being done on spec, a rarity in the Garden State, where fewer than five speculative office projects are currently under way statewide.
Work on the building is being sparked by the fact that its twin, Lake Center IV, has hit the 80% occupancy mark. Opus East completed Lake Center IV, also on a spec basis, during the fall of 2004. Its lease-up got a major boost earlier just last month with the signing of IndyMac Bank for 47,121 sf. As reported by GlobeSt.com, the Pasadena, CA-based home financing company took the entire third and fourth floors of the building.
As far as Lake Center V, the timetable calls for shell construction to be completed by the summer of 2006, according to Bill Walters, director of real estate development for Opus East, which is based in Washington, DC and has a regional office in Philadelphia. The building, which will have floor plates ranging from 20,475 sf to 22,750 sf, will have its tenant finishing and fit out ready later in the year. Lake Center IV cost approximately $15 million, or $171 per sf to build, the Lake Center V is expected to cost somewhere in the same range.
Opus East bought the last 20-acre site within the larger Lake Center Executive Park in early 2003 and began construction of the first of the twin 88,000-sf buildings later that year. And with Lake Center IV nearing lease-up, Opus East is also planning to test the investment sales market with the building.
“There has been substantial demand for signature trophy office buildings by the publicly traded REITs,” says C. Craig Guers, senior vice president and general manager of Opus East. “Given that demand, we have elected to place that asset in play and proceed quickly with the development of Lake Center V.”
Opus East has also hired the same duo to market Lake Center V’s space that has been marketing Lake Center IV. Joseph M. Sklencar, Sr. and David P. Dolan, SVPs at Grubb & Ellis’ local office are handling the assignment. “Lake Center V is only the second mid-rise class A office space to be created in this region in many years,” Sklencar says. “Lake Center IV, of course, was the first in many years.”

Jones Lang LaSalle
Four Buildings Totaling 130,000 SF Under Construction
By Eric Peterson
Last updated: November 18, 2005 10:07am

HILLSBOROUGH, NJ-Locally based Larken Associates has started construction of the final four buildings within the company’s Hillsborough Business Center here. Totaling 130,000 sf of office/flex space, the one-story buildings are slated for delivery in the summer of 2006.
“We’ve completed the lease-out of the existing 21 buildings at Hillsborough Business Center,” says Robert Marek, vice president of Raider Realty, Larken’s leasing arm. Larken began developing the complex in the 1980s, and most recently added four buildings totaling 78,000 sf in 2002.
“Interest in the new buildings has been equally strong,” Marek says, adding that the new space is available on either a rental or for-sale basis. “Apparently, there are still a large number of business owners looking for space.”
With marketing of the space under way, targets include distributors, national and international satellite offices and call centers, according to Marek. Adds Victor Kelly, another Raider Realty vice president, “should businesses experience growth in the future, we do have the capability of providing additional office space within the complex.”

Jones Lang LaSalle
Three Office Buildings Pick Up $12M in Funding
By Eric Peterson
Last updated: November 18, 2005 10:10am

LEONIA, NJ-Three separate loans totaling $12.1 million have been arranged for office buildings in Northern New Jersey. The transactions were arranged by locally based David Cronheim Mortgage Corp. through the firm’s correspondent lending institutions.
In the largest of the three, a $7.25-million loan was arranged with American National Insurance Co. for 2 Christie Heights St., a two-story, 67,000-sf office building here. The loan has a 10-year term and a 22-year amortization, and will be serviced by Cronheim.
In the second transaction, $2.5 million was arranged for a 38,921-sf office building on 5.35 acres at 147 Columbia Turnpike in Florham Park. Built in 1980, the asset is 100% occupied by 23 tenants. The loan was placed with AIG and has a 10-year terms and 25-year amortization.
Finally, $2.35 million was arranged for a two-story, class B building totaling 16,206 sf in Basking Ridge. The loan, placed with AmerUS Life Insurance Co., has a 20-year self-amortizing term.

Jones Lang LaSalle
Mack-Cali Issues $100M of Senior Unsecured Notes
By Eric Peterson
Last updated: November 17, 2005 10:44am

CRANFORD, NJ-Mack-Cali Realty LP, the operating partnership of Mack-Cali Realty Corp., based here, has sold $100 million of 10-year senior unsecured notes, according to officials of the REIT. The 5.8% notes are due Jan. 15, 2016, and company officials say they expect the transaction to settle on Nov. 30, 2005.
“This transaction represents the continuation of our financing strategy,” says Mitchell E. Hersh, Mack-Cali’s president and CEO. The proceeds from the issuance, estimated to be about $99 million, will be applied to the repayment of outstanding borrowings under the company’s unsecured credit facility, and for general working capital, according to Hersh.
Citigroup, Banc of America Securities LLC and JPMorgan were the joint bookrunning managers on the issuance. An offering of the securities will be made by prospectus.
Mack-Cali’s current portfolio encompasses ownership or interests in more than 270 properties, mostly office and office/flex buildings in the Northeast. Total square footage is in the 30.2-million range.

Jones Lang LaSalle

$20M Take Six-Building Apartment Portfolio
By Eric Peterson
Last updated: November 18, 2005 11:22am

LIVINGSTON, NJ-Six multifamily properties in the Bergen County towns of Bergenfield, Hackensack and Rutherford have been sold for a price “in excess of $19.8 million,” according to Mel Gebroe, co-founder and chairman of Gebroe-Hammer Associates, based here. The sale price factors out to an even $100,000 per unit.
The transaction was closed by Gebroe-Hammer’s Greg Pine, vice president, executive vice president David Oropeza, sales rep Jay Lombardo and managing director Robert Ploshnick. The identities of the buyer and seller, local investment groups, were not disclosed. The seller was described as “a long-time Gebroe-Hammer client.”
The properties changing hands include Magnolia Court at 268 S. Washington Ave. and Elm Court at 30 Elm St. in Bergenfield; Polifly Arms at 174 Polifly Rd. and Polifly Arms II at 2145 Daniel St. in Hackensack; and Ettrick Terrace Apartments at 58 Ettrick Terrace and Park Lane Apartment at 82 Chestnut St. in Rutherford.

Jones Lang LaSalle

Court Tosses Out Communities’ Land Use Regs in Favor of Developer
By Eric Peterson Last updated: November 17, 2005 08:12am

HACKENSACK, NJ-In a ruling with wide implications in the state, the Superior Court of New Jersey here has struck down land use regulations of the towns of Carlstadt and East Rutherford, as well as those of the New Jersey Meadowlands Commission (NJMC), a state agency. The judgment was in response to an action brought by Tomu Development Corp., and apparently paves the way for development of a mixed-use project on several adjacent sites along the Hackensack River.

At issue is housing, specifically affordable, and in his judgment Judge Jonathan N. Harris ruled that the two communities “have engaged in patterns of exclusionary zoning that violate the New Jersey Constitution as interpreted in the Mount Laurel cases, their progeny and the Fair Housing Act of New Jersey. The municipalities contend they are not responsible for the alleged abdication of constitutional responsibility because they enjoy neither the power to zone plaintiff’s land nor to affect the vast acreage within their municipal boundaries that is within the preeminent zoning authority of co-defendant New Jersey Meadowlands Commission.”
Also at issue is NJMC’s planning authority of the Meadowlands region. On that matter, Judge Harris concluded that, “the municipalities have failed to comply with their express obligations to provide realistic opportunities for affordable housing within their borders, and that the NJMC has implicitly fostered the long-standing municipal failures through its benign neglect of the housing needs of the poor.

“Where other governmental actors have failed to conform their conduct to the dictates of the Constitution, it becomes the duty of the judiciary to order remediation,” Judge Harris wrote. “Additionally, plaintiff is entitled to a builder’s remedy because none of the defendants has demonstrated that the site is environmentally constrained, that construction of a high-density mixed-use project would represent bad planning, or that plaintiff has prosecuted this action in bad faith.”

Judge Harris also ordered officials in both communities to “immediately prepare comprehensive compliance plans.”

“This case is tremendously important,” says Thomas Jay Hall, who chairs the Land Use and Zoning group at the law firm of Sills Cummis Epstein & Gross, Newark. Hall and colleague Robert Kasuba represented Tomu, a New Jersey-based developer headed by managing partner Joseph Murphy. The latter once owned all of the New Jersey Better Homes and Gardens franchises before selling them to Cendant.

“For the first time, the Meadowlands will take an active role in addressing the needs of the unhoused poor,” Hall says. “Until this case, many of the Meadowlands communities may have thought themselves exempt from the constitutional obligation to provide housing.”
“The decision does not reflect the aggressive moves we have made toward affordable housing in the Meadowlands in the past four years,” says a spokesman for the NJMC. “From grants to 14 municipalities to gain COAH certification, to inclusion of affordable housing in the $1-billion Encap [golf course] project, as well as changing zoning regulations to ensure COAH obligations are met, the NJMC will continue to spearhead quality redevelopment and affordable housing.
“In March, we will host an affordable housing summit that will bring business leaders, local officials and a full array of stakeholders to the same table to further increase the number of affordable housing units that we can achieve with the large build-out potential of the Meadowlands redevelopment areas,” the spokesman says. “Through the commission’s consensus-based approach, as opposed to the judge's apparent preference for adversarial land use and his problematic approach to infrastructure, the Meadowlands market will be one that serves New Jerseyans of all income strata.”

The court’s ruling clears the way for a project encompassing 840 residential units, 140 for low- and moderate-income persons, along with 38,000 sf of “ancillary development” (commercial space), recreational facilities including an existing marina, meeting rooms, a riverfront promenade and public parking. The adjacent sites owned by Tomu total 27 acres, five in Carlstadt and 22 in East Rutherford. About 3.6 acres in Carlstadt and 5.3 in East Rutherford are developable--the rest is wetlands.

The project traces to a 1989 proposal by another developer that would have included more than 1.3 million sf of mixed-use space, including residential, which at the time was permitted. Regional land-use regulations since overlaid by the NJMC don’t permit residential development and Tomu, which had subsequently acquired the land and proposed a scaled-back project, filed suit in August, 2003, leading to this week’s judgment.

Jones Lang LaSalle

Heartstone Redeveloping Former Industrial Site as MXD
By Eric Peterson Last updated: November 16, 2005 10:32am

BUTLER, NJ-Heartstone Development has started work on River Place at Butler, a mixed-use redevelopment of a former industrial site along the Pequannock River here. The project will combine a public river walk park with four, two-story buildings with 48 residential units, 20 townhouse units above 14,800 sf of ground-floor retail space and a 5,000-sf stand-alone build-to-suit retail space.
Total cost of the project hasn’t been released, however, the project has gotten a boost from a $12.5-million construction/permanent loan package. The funded, which was provided by Boiling Springs Savings Bank of Rutherford, NJ, was arranged by senior managing director Jon Mikula and managing director Jim Cadranell of the Florham Park, NJ office of Holliday Fenoglio Fowler.
“This project is the keystone of this community’s overall redevelopment plan,” Mikula says. “The property is an example for brownfield redevelopment and is the direct result of the partnership between the developer, environmental groups and state and local government.”
Heartstone, an East Hanover, NJ-based company primarily in the homebuilding business, expects to have River Place completed by the fall of 2006. The company is currently working on a similar mixed-use redevelopment project in Rahway, NJ.

Jones Lang LaSalle

Retail Building Sells for $533 per SF
By Eric Peterson Last updated: November 16, 2005 10:30am

FLORENCE, NJ-MACY Holdings LLC, a Wisconsin-based group has acquired a 13,813-sf, single-tenant retail building at the northwest corner of Route 130 North and Delaware Ave. here for just over $7.36 million. That sale price translates as $533 per sf.
The seller, MS Investments Two LLC, an Atlanta-based company, was represented by Mark Taylor and Dean Zang of the Taylor-Zang Retail Investment Group of Marcus & Millichap’s Philadelphia office. The buyer completed a 1031 tax deferred exchange with the purchase of the property.
The building is fully leased by Eckerd Drug (Jean Coutu), and subleased by Rite Aid. Eckerd signed a new 20-year triple-net lease for the property this past summer, but after the Canadian-based Jean Coutu drug chain acquired the northeast corridor’s Eckerd’s stores, the new owner re-evaluated the various sites and projected costs of occupancy relative to store sales, according to Taylor.
This specific site was one of those that didn’t fit Jean Coutu’s business model, according to Taylor, and the company brought in rival Rite Aid as a sub-tenant. The latter began paying rent for the building this month.

Ortho-McNeil Signs 65,000-SF Sublease
By Eric Peterson

BRIDGEWATER, NJ-Ortho-McNeil Pharmaceutical Inc. has signed a sublease for 65,000 sf, representing the entire three-story building at 1130 Route 22 here. The building is part of the four-building, 328,000-sf CenterPointe at Bridgewater office complex, which is owned by the San Mateo, CA-based Glenborough Realty Trust.

The sublessor is PNC Bank, which inherited the space early this year when it acquired United National Bancorp. The building, located near both I-287 and I-78, had been used as the corporate headquarters for United National’s UnitedTrust Co. operating division, and became excess space post-merger.

Shortly after the merger, PNC gave GVA Williams of NJ, Parsippany, the assignment to find a new occupant. In the latest transaction, that firm’s president David Simson, first vice president Jim Hersh and associate Tom Rapone repped PNC. Ortho-McNeil was represented by Michael Markey and John Tesser of Colliers Houston & Co., Teaneck. Terms of the sublease were not disclosed.

“The 287/78 corridor continues to experience demand from the pharmaceutical sector,” Simson says. Indeed, as reported by GlobeSt.com, earlier this month French pharma giant Sanofi-aventis signed a lease for 670,000 sf at the Gale Co.’s 55 Corporate Dr. here, representing all of a former AT&T campus. Sanofi-aventis will move its US headquarters to the site over the next year.

Ortho-McNeil, a Johnson & Johnson company, was created in 1993 by the merger of Ortho Pharmaceutical Corp. and McNeil Pharmaceutical. The company has its corporate headquarters in nearby Raritan.

350,000-SF Industrial Complex Trades for $8M
By Eric Peterson

NORTH BRUNSWICK, NJ-Seagis Property Group has acquired a 350,000-sf industrial complex here for $7.8 million, a number that translates into a little more than $22 per sf. Located on a site of more than 30 acres adjacent to the Technology Centre of New Jersey, the complex includes more than 250,000 sf of warehouse and distribution space, 70,000 sf of conditioned assembly and manufacturing space, and 30,000 sf of one- and two-story office space.

The seller was the locally based Permacel Inc., a subsidiary of the Tokyo-based Nitto Denko. Permacel, a manufacturer of specialty tapes, had formerly used the complex for the manufacture and distribution of several product lines. However, the facility became surplus in 2004 when Permacel sold a couple of its divisions to the Hickory, NC-based Shurtape Technologies Inc.

And the new owner, a West Conshohocken, PA-based owner and operator of logistically driven industrial buildings along the Eastern seaboard, has a makeover in store for its newest asset. According to Seagis principal John Begier, his company will launch a major renovation that will include everything from an interior demolition and upgraded facades, to base building improvements.

Begier co-founded Seagis with fellow principal and fellow former Keystone Property Trust exec Charles Lee after that company was acquired by ProLogis. Seagis launched early this year with the financial backing of a $250-million equity investment by Principal Enterprise Capital, and has since acquired several industrial properties from New Jersey to Florida.

The renovation, meanwhile, will configure the complex for everything from warehouse and manufacturing tenants of between 25,000 and 320,000 sf and office users up to 30,000 sf. Seagis, which expects to have the place ready for occupancy by the spring of 2006, has hired Frank Caccavo and Jason Goldman of Cushman & Wakefield of NJ’s Iselin office to fill the building with tenants.

Regarding the acquisition, “we were able to move very quickly,” Begier says. “It was a complex transaction to create value for our company, while meeting the seller’s needs.”

“We’ve been encouraged by the strong initial interest,” says Dave Gibbons, Seagis’ senior vice president, who joined the company earlier this year from Elberon Development. “The interest is coming from a broad range of prospective tenants, and we expect to deliver this renovated product to the market early next year.”

Soap Maker Buys 100,000-SF Industrial Complex
Last updated: November 15, 2005 09:51am

PATERSON, NJ-Awesome Products, a detergent and soap manufacturer, has purchased a two-building, 100,036-sf manufacturing complex here. The acquisition also includes all of the buildings’ manufacturing equipment.

The seller was ICI Paints, on behalf of its Uniqema division, a Netherlands-based maker of components for the manufacture of personal care and home care products. The sale price was not disclosed.

The sale was arranged on behalf of ICI Paints by a team of brokers from CB Richard Ellis in New Jersey. Involved in the transaction were David Sherman, executive vice president; senior vice presidents Bill Waxman and Marc Trevisan; first vice president Gary Capetta; vice president Nick Nitti; senior associate Carrie Brown and associate Gus Braunschweig. “This facility is well-equipped for Awesome Products,” Waxman says, referring to the asset’s in-place manufacturing equipment.