The KABR-Samsung "Blockbuster Deal" of 85 Challenger Named "Arguably New Jersey's Most Significant Transaction of 2009" by Cushman & Wakefield.
RIDGEFIELD PARK, N.J. -- KABR Real Estate Investment Partners, LLC, the value fund that purchases real estate assets opportunistically, announced that it has leased 193,000-square-feet of 85 Challenger Road in Ridgefield Park to Samsung Electronics America, Inc., which will relocate its headquarters to the building.
The leasing agreement involving the 235,000-square-foot Class A office building was named "arguably New Jersey's most significant transaction of 2009" by Cushman & Wakefield. The leasing agreement also highlights the six-month turnaround of 85 Challenger. The building was purchased from AIG in June and was the first post-Lehman major office building investor transaction.
"This transaction confirms KABR's ability to price real estate assets properly and reposition them in the current market environment. This skill combined with our strong balance sheet matches KABR up well with lenders looking to quickly liquidate commercial real estate assets," said Kenneth Pasternak, Chairman of KABR and former CEO of Knight Trading.
Pasternak said that exact financial terms of the lease, brokered by Cushman & Wakefield's Metropolitan Area Capital Markets Group, will not be disclosed but did confirm that the lease is for 10 years, with two five-year options to extend. Cushman & Wakefield's Metropolitan Area Capital Markets Group in East Rutherford, N.J., headed by Andrew Merin represented building owner KABR Real Estate Investment Partners. CBRE's John Oh and Paul March served as tenant broker.
"KABR won 85 Challenger from AIG over many bidders, aggressively re-positioned it in a challenging market and turned the vacant building into an income-producing property in less than six months," added Adam Altman, partner at KABR Real Estate. "KABR is financially well positioned to take advantage of opportunities, like 85 Challenger, as they arise."
In a statement issued by Cushman & Wakefield, Merin said, "KABR took advantage of a great opportunity to purchase a well-located trophy property at pricing realistic for 2009. Samsung's commitment is incredibly meaningful for the New Jersey office market from both an investment and leasing standpoint."
About KABR Real Estate Investment Partners
KABR Real Estate Investment Partners, LLC, founded in 2009, is dedicated to the timely and opportunistic purchase of select real estate assets in the New York metro region and South Florida. Its founders are experienced real estate professionals and proven entrepreneurs. They currently own and operate a diverse portfolio of properties in several states that have exhibited stellar returns. Investments targeted by KABR lend themselves to significant further enhancement via detailed and value-oriented management. The firm aims to financially re-leverage the appreciated properties and reinvest the cash flow to acquire additional assets.
No comments:
Post a Comment