Jones Lang LaSalle
GlobeSt.com EXCLUSIVE: $20M Takes former K-Line America HQ
By Eric Peterson
Last updated: January 24, 2006 10:01am
NEW PROVIDENCE, NJ-RCC Real Estate Holdings, an Edison-based investment group, has acquired K-Line America Inc.’s 145,874-sf former headquarters building here for $20 million, GlobeSt.com has learned. The sale price translates to $137 per sf. The building is currently vacant, with K-Line America, the US subsidiary of the Japan-based Kawasaki Kisen Kaisha Ltd., a global transportation company, having shifted its base to Richmond, VA.
The disposal was arranged for K-Line Realty, a subsidiary of K-Line America, by CB Richard Ellis executive vice president Jeffrey Babikian and senior vice president Nicholas Nemeth, along with vice chairman Jeffrey Dunne of CBRE’s New York Tri-State Investment Sales team. CBRE vice president Scott Belfer secured the buyer.
“This transaction was an advantageous acquisition for RCC,” Belfer tells GlobeSt.com. “It’s located across from Lucent’s headquarters facility, and it’s in a campus setting. The property is a smart investment with strong upside potential.”
“This surplus asset is going to become a valuable component of RCC’s expanding portfolio in what is considered to be one of New Jersey top headquarters destinations, the I-78 corridor,” Babikian says.
Located on a 20-acre site at 535 Mountain Ave. with access to I-78 in this Union County community, the entire building is being placed on the market for lease, and CBRE is handling the assignment for the new owners. The building’s features include a cafeteria, a fitness room and large floor plates, according to Belfer.
GlobeSt.com EXCLUSIVE: $20M Takes former K-Line America HQ
By Eric Peterson
Last updated: January 24, 2006 10:01am
NEW PROVIDENCE, NJ-RCC Real Estate Holdings, an Edison-based investment group, has acquired K-Line America Inc.’s 145,874-sf former headquarters building here for $20 million, GlobeSt.com has learned. The sale price translates to $137 per sf. The building is currently vacant, with K-Line America, the US subsidiary of the Japan-based Kawasaki Kisen Kaisha Ltd., a global transportation company, having shifted its base to Richmond, VA.
The disposal was arranged for K-Line Realty, a subsidiary of K-Line America, by CB Richard Ellis executive vice president Jeffrey Babikian and senior vice president Nicholas Nemeth, along with vice chairman Jeffrey Dunne of CBRE’s New York Tri-State Investment Sales team. CBRE vice president Scott Belfer secured the buyer.
“This transaction was an advantageous acquisition for RCC,” Belfer tells GlobeSt.com. “It’s located across from Lucent’s headquarters facility, and it’s in a campus setting. The property is a smart investment with strong upside potential.”
“This surplus asset is going to become a valuable component of RCC’s expanding portfolio in what is considered to be one of New Jersey top headquarters destinations, the I-78 corridor,” Babikian says.
Located on a 20-acre site at 535 Mountain Ave. with access to I-78 in this Union County community, the entire building is being placed on the market for lease, and CBRE is handling the assignment for the new owners. The building’s features include a cafeteria, a fitness room and large floor plates, according to Belfer.
posted by Jones Lang LaSalle NJ News Blog at 9:57 AM
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