The investment sale transaction was arranged on behalf of Jefferson OPCO, an investment group, by the Garibaldi Group/Corfac International, based in Chatham, NJ. Garibaldi had originally arranged the sale of the asset to Jefferson OPCO by Metropolitan Life Insurance Co. back in 1996, repping MetLife in that case.

"Our firm has a long history with this property," says James J. Garibaldi, chief executive officer of the Garibaldi Group. "The Morris County market continues to draw investment activity because of its location and the number of major corporations located in the region."

"The investment sales market in New Jersey continues to be robust as the supply of capital and the favorable financing rates continue to drive demand," says Gerald A. Bower Jr., vice president of Garibaldi's capital markets group. "We are seeing underwriting fundamentals being stretched as declining market conditions are being counteracted by aggressive cap rates.

"Stabilized properties should continue to trade at premium pricing during this year unless interest rates increase rapidly," Bower continues. "We expect opportunity buying to pick up toward the end of the year as investors become more optimistic about the prospects of recovery."

Jefferson Plaza, which is located near I-287, I-80 and I-280, had been officially on the market just since early December, and continues to be managed by GRCD Management Corp., a Garibaldi affiliate. The property is currently three-quarters occupied by such tenants as the National Exchange Carrier Association, Image Solutions Inc., Cambridge Integrated Services Group, Cirqit.com Inc. and Yoh Scientific.

Instant Insights /

GlobeSt.com EXCLUSIVE: Office Complex Trades for $17M

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