The building is net leased to West Caldwell, NJ-based Ricoh Corp., the North and South American affiliate of Tokyo-based Ricoh Co. Ltd., and serves as the document company's area office and distribution center. Ricoh does $14 billion annually in worldwide sales.
Helen Putterman, president of New York-based Cohen and Co. Inc. Real Estate, represented Highland in the negotiations. Phyllis Bosworth, CCIRE's managing director, represented the seller. According to Bosworth, CIAB once sold its copying business to Ricoh and "now has received excellent value for the real estate," she says. The buyer purchased the property "at a favorable cap rate and has a tenant with excellent credit, location, and long-term lease," she adds.
In addition to its New York headquarters, CCIRE has offices in Palm Beach Gardens and Plantation, FL. It specializes in full-service brokerage for US shopping centers with exclusive listings of centers in Georgia, Maryland and New York City at prices from $3 million to $45 million.
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