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C&W sells Aetna properties for $50 million.

Cushman & Wakefield of New Jersey's Financial Services division has successfully completed the sale of Allendale Park in Bergen County, New Jersey and The Brickyard Shopping Center in Berlin, Connecticut on behalf of Aetna Life Insurance Company. The two properties, sold for nearly $50 million, were acquired by TA Associates of Boston, Massachusetts.

Allendale Park, a 408,000 square-foot office park on 35 acres, consists of eight single story buildings. The complex was built by Kwartler Associates, Inc., who will continue to lease and manage the buildings after sale.

The light industrial/high-tech office park is located on the southbound side of Route 17 in Allendale, Bergen County, New Jersey. Bergen County is a mature industrial market which is mainly built out due to zoning constraints and high land values. Allendale Park is one of the few industrially zoned parcels along the Route 17/287 North Corridor that can accommodate light industrial/high-tech space.

Retained by Aetna to dispose of Allendale Corporate Center, Cushman & Wakefield used a comprehensive marketing program to target potential buyers for this hi-tech park. The field was narrowed to two pension fund-related investors from 250 prospects. Of those two investors, TA Associates, on behalf of a co-mingled fund, emerged as the purchaser.

"During negotiations, TA Associates expressed an interest in expanding their single purchase to a portfolio, including more than just the Allendale Park investment," said Andrew Merin, C&W's Financial Services division's Senior Director. "After seriously investigating four additional properties, TA Associates' brought The Brickyard Shopping Center into the transaction and closed on this Berlin, Connecticut community center."

The Brickyard Shopping Center, a 275,000 square-foot retail development located at 245 Wilbur Cross Highway, was completed in February of 1990. The shopping center was developed as a joint venture between Aetna and Bronson & Hutensky on approximately 38 acres.

With a majority of the center leased, The Brickyard is anchored by Home Depot, Pace Membership Warehouse Club, JoAnn Fabrics and CVS. Just 10 miles south of downtown Hartford, the area has been experiencing a "rebirth" as a vital retail area for the Greater Hartford area. Many retailers, food wholesalers and home improvement stores have chosen the area because of its accessibility and demographic profile.

"These two sale transactions are prime examples of today's investment climate," said Merin. "There continues to be significant capital available, but only for the right product. And, the 'right product' or investor appetite of 1993 seems to be for shopping centers, bulk industrial, apartments and, occasionally office."

Indicative of this fact, Cushman & Wakefleld's Financial Services Division expects to announce several other investment sales by year-end 1993," added Merin.
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Title Annotation:Cushman and Wakefield of New Jersey sells Allendale Park properties in Bergen County, New Jersey and The Brickyard Shopping Center in Berlin, Connecticut for Aetna Life Insurance and Annuity Co.
Publication:Real Estate Weekly
Date:Oct 20, 1993
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