CBRE Announces 1031 Sale of 8 King Road in Rockleigh

On Mar 18, 2016

CBRE Group, Inc. announced that Jeffrey Dunne, Kevin Welsh, and Brian Schulz of CBRE Institutional Properties in collaboration with Lee Asher and Chris Bodnar of CBRE’s Healthcare Capital Markets Group represented Marcus Partners, on behalf of its Marcus Capital Partners Fund I, L.P., in the sale of 8 King Road in Rockleigh. The team was also responsible for procuring the buyer, Charter Realty Group, which is purchasing 8 King as part of a 1031 exchange.

8 King Road is a state-of-the-art 204,495 square foot office/life science building that is 100 percent net leased to Spectra Laboratories on a long term basis and guaranteed by its parent company, Fresenius Medical Care Holdings, Inc. The property serves as Spectra’s mission critical testing facility for the Eastern half of the United States. Marcus Partners completed a major redevelopment of the property, which included new labs and testing facilities, new mechanical infrastructure and aesthetic enhancements.

Located in Bergen County, 8 King Road is situated just 30 minutes from New York City and at the midpoint of the Boston to Washington DC corridor providing regional connectivity and accessibility for deliveries of samples across the Eastern half of the United States. This area has attracted numerous healthcare and biotech companies by its highly educated and skilled workforce, proximity to quality housing options in Bergen and Rockland Counties, and developed highway infrastructure.

Mr. Dunne commented: “The sale of 8 King Road marks the end of a highly successful repositioning strategy and execution by Marcus Partners. Charter Realty Group was attracted to Spectra’s investment grade credit and substantial investment in the property and will benefit from secure long-term cash flow.”

Related Articles: