CBRE’s Tri-State Investment Properties team completed a multifaceted sale/leaseback transaction of 425 Meadowlands Parkway in Secaucus. The sales team arranged the $5.97 million transaction on behalf of the seller, Meadowlands Parkway Associates, and also procured the buyer, CPR Meadowlands Parkway, LLC.
The transaction involved negotiating the sale of the more than 50-year leasehold interest in the two-story, 111,106-square-foot building, as well the leaseback of approximately 45,000± square feet of office space currently occupied by Meadowlands Parkway Associates, and a lease buyout of tenant Capital One.
Capital One occupies roughly 59 percent of the leasable area and is paying on that lease through the end of 2019, although the space is currently vacant. Meadowlands Parkway Associates has been using the remainder of that space for its subsidiary.
“The sale/leaseback of 425 Meadowlands Parkway speaks to the challenging nature of negotiating complicated real estate transactions and CBRE’s commitment to bringing even the most intricate deals to fruition,” said Mr. Klapper, who along with his team is one of the most active investment sales brokers in the mid-market sector. “With so many complex intricacies, the deal required thinking out of the box in order to satisfy all of the parties involved.” He continued, “We recognized that the changing investment environment and continued strength of the Meadowlands submarket, along with changes in technology and usage, made this asset a true stand-out and a terrific investment opportunity.”
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