CB Richard Ellis arranged the sale and the lease. Summit Financial was represented by CBRE senior vice president Marc Trevisan and senior associate Sean Morley. Mack-Cali Realty Corp. of Cranford, NJ, owner of the 147,475-sf class A asset, was represented in-house. Terms of the lease were not disclosed. "This lease reaffirms the desirability of the Morris County market," Trevisan says.

In the sale transaction, CBRE's Bill Waxman, senior vice president, Nick Nitti, vice president, Gary Capetta, first vice president, and Carrie Brown, associate, all represented Marie Addison LLC in its acquisition of the 38,134-sf manufacturing facility at 10 Gordon Dr. in Totowa, NJ. The seller, Symrise Inc., a German-owned maker of flavors and fragrances, was represented by Andy Zezas of Real Estate Strategies Corp., Kenilworth, NJ.

The sale price was not disclosed, but industry sources put it in the $2 million range. Marie Addison, a pharmaceutical company that produces nutraceuticals, plans to use the building for dry blending and spray drying.

"It was a perfect match for the buyer and seller," Waxman says. "The facility offered the right combination of office, laboratory, production, warehousing and shipping space." Nitti adds that what made the transaction work was "the match-up of Symrise's machinery with Marie Addison's operational needs."