CBRE Team kicks off the New Year with $43m bang.Jeffrey Dunne and the CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Tri-State Investment Team had a busy holiday season racking up two noteworthy sales totaling nearly $43 million. Dunne, along with Kevin Welsh and Jeffrey Oram, represented the owner and procured the buyer in the $23 million sale of the One Garret Mountain office building in West Paternson, NJ. The prolific Dunne worked with Ryan Bassett and Jeffrey Dauray of CBRE's New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. office to represent National Hall Associates, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , an entity controlled by Greenfield Partners, LLC, in the sale of the Shops and Inn at National Hall in Westport, CT, for $19.85 million or $471 psf. The team was also responsible for procuring the buyer, Antares National Hall, LLC, an entity controlled by Antares Investment Partners. The Shops and Inn at National Hall is a unique 42,143 s/f mixed use development located on 2.5 acres of waterfront land in downtown Westport, Fairfield County Fairfield County is the name of three counties in the United States:
The commercial component offers a stable cash flow and is leased to well known tenants including Peter Coppola Salons, Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. , Washington Mutual and Poggenpohl. Commented Dunne, "The Shops and Inn at National Hall is an extremely unique asset with historic charm, excellent water views and a stable cash flow with upside opportunity. Antares should bode well with this investment given their experience in the high end boutique hotel sector and niche focus on tri-state area commercial assets." Sonnenblick Goldman arranged a $21 million loan on behalf of Antares for the purchase of The Shops and Inn. The financing was provided by a European bank. One Garrett Mountain in New Jersey is a 174,728 s/f, 10-story office building located immediately off Exit 56 of Interstate 80. The CB Richard Ellis' team represented Garrett Mountain Trust, an entity controlled by the Hampshire Generational Fund in the sale and procured the buyer, a joint venture between Mountain Development Corp. and Meritage Properties. At the time of sale, the property was 82.8% leased to eight tenants including North Jersey Media Group PNC PNC Purdue University North Central (Westville, Indiana) PnC Point 'n Click PNC Police National Computer PNC People's National Congress (Guyana) PNC People's National Congress Bank and Norton, Arpert, Sheehy & Higgins, P.C.. Commented Dunne, "Mountain Development and Mertirage Properties should fare well with One Garrett Mountain due to the property's stable, in-place, credit income coupled with minimal lease rollover A graphic element in an application or on a Web page that changes its color or shape when the pointer is moved (rolled) over it. See JavaScript rollover. See also n-key rollover. from a diversified tenancy." Jeff Oram added, "One Garrett is a strategic acquisition for Mountain Development Corp., which owns Three and Five Garrett, the other two assets in the park. As the managing agent, they will achieve economies of scale in their operations and greater flexibility for their tenants." |
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