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Building sold in New Jersey.

Gale & Wentworth has announced the sale of 717 Ridgedale Avenue, the East Hanover property formerly known as the Ultimate headquarters building, to National Prescription Administrators, Inc.

The all cash transaction was negotiated in conjunction with Chase Realty Advisory Group on behalf of the Ridgedale Avenue Corporation, a wholly owned subsidiary of The Chase Manhattan Bank, N.A., Robert McCafferty of Joseph Hilton & Associates, Inc. represented the buyer.

National Prescription Administrators, currently located in Clifton and Totowa, is the largest privately-held, third-party prescription administrator in the nation. The new facility has been purchased to accommodate the firm's expansion in providing fully coordinated mail order pharmacy and claims administration services.

Gale & Wentworth was appointed to manage and market the 20-acre property in early 1993.

Set on a beautifully landscaped campus, the 220,000 square-foot, threestory building is constructed of steel and glass and has more than 50,000 square-feet designed for active warehouse use. Among its amenities are an on-site cafeteria, a health club and a racquetball court.

The Ultimate Corporation, a computer maker that operates worldwide, will continue to occupy about 50,000 square-feet at the facility.
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Title Annotation:Ultimate headquarters building at 717 Ridgedale Avenue, East Hanover, New Jersey
Publication:Real Estate Weekly
Date:Sep 22, 1993
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