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C&W of NJ arranges $35M sale/leaseback.

Cushman & Wakefield of New Jersey needed to bring together two real estate development firms and two Fortune 500 firms to consummate a creative and complex sale/lease-back transaction in Central New Jersey.

In the transaction, Bellemead Development Corporation and Advance Properties bought the Thomas & Betts corporate headquarters facility, a 234,000-square-foot office building set on a 50-acre site on Frontier Road in Bridgewater, New Jersey. The two firms simultaneously leased 163,000 square feet on the two lower floors to the Phillips-Van Heusen Corporation, a major New York-based shirt manufacturer while renting the remaining 71,000 square feet on the top floor back to Thomas & Betts, a national electronics company.

Don Eisen, Thomas Glerum, senior director, and Jeffrey Heller, all of C&W's Meadowlands office, represented Thomas & Betts in the transaction while Peter Cocoziello, president of Advance Properties, structured the deal and represented Phillips-Van Heusen Corporation.
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Title Annotation:Cushman & Wakefield
Publication:Real Estate Weekly
Article Type:Brief Article
Date:Apr 15, 1992
Words:146
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