CBRE inks $35m Sterling deal.

CBRE I Melody, a division of CBRE Capital Markets, has arranged $35 million of acquisition financing on behalf of Sterling American Property, Inc. for 695 & 710 Route 46, a two building complex in Fairfield, NJ.

Michael Sherman, director in CBRE I Melody's New York office and Efrat Sharon, senior analyst were exclusively retained to secure the fixed rate loan, at 82% LTV from an undisclosed lender. CB Richard Ellis' New York Tri-State investment team brokered the sale for $42.75 million or $165.26 PSF.

695 & 710 Route 46 is a highly visible 258,657 SF office portfolio located in the Town of Fairfield less than a mile from Interstate 80. Currently, 84.6% leased, the five largest tenants of the portfolio included ADT Security, North Fork Bank, JP Morgan Chase and Co., and Morgan Stanley/ Dean Witter.

Both buildings rank as the premier office assets in the Rte. 46/Paterson/ Wayne submarket, offering extensive amenities and high visibility from both Route 46 and Interstate 80.

"These ideally located prime properties give the buyer great opportunity for value enhancement," said Sherman.

"Our lender recognized this early on and provided a very aggressive quote enabling the borrower to capitalize on this opportunity. Working closely with the CBRE Tri-State Investment Team which arranged the sale of the property greatly enhanced our ability to effectuate a quick, problem free closing transaction."