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C&W sells property for $9.2M.

Cushman & Wakefield of New Jersey has negotiated the sale of Kingsbridge IV, a 98,000-square-foot office building located at 339 Jefferson Road in Parsippany, New Jersey.

Lincoln Equities, a Brooklyn-based owner and manager of commercial properties, purchased the office building from Jefferson Properties Inc., a subsidiary of the Chase Manhattan Bank in New York, for $9.2 million. Andrew Merin, senior director, and David Bernhaut, assistant director of Cushman & Wakefield of New Jersey's Financial Services Group, represented the purchaser in the transaction.

Kingsbridge IV was purchased by Jefferson Properties from United States Life Insurance Corp of New York in March of 1990. At the time, the building was only nine percent leased. After becoming the sole owner, Jefferson Properties signed Hospitality Franchise Systems, the franchisor of Days Inn of America, Howard Johnson and Ramada Hotels to a long-term lease.

With the arrival of Hospitality Franchise Systems, the buildings occupancy rate rose to 96 percent," said Sue Herzog, a Chase Manhattan vice president. "We aren't in the real estate business. We made the decision to put Kingsbridge IV on the market because we felt that we couldn't add any more value into the property."
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Title Annotation:Cushman and Wakefield of New Jersey Inc.; $9.2 million
Publication:Real Estate Weekly
Date:Aug 5, 1992
Words:193
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