The deal was arranged by Cushman & Wakefield's MetropolitanArea Capital Markets Group, specifically Gary Gabriel, AndrewMerin, David Bernhaut and Jose Cruz. The sale price was notdisclosed; industry sources put the number in the $30-millionrange. Ivy and Urdang had acquired the building and its 13.5-acresite in early 2005 from Lincoln Property Co. and Archon for areported $25million. Ivy and Urdang subsequently picked up a$17.8-million first mortgage from Aetna to finish off thatacquisition.

"It is a very well-located asset with a predictable return andlimited leasing exposure," says Gabriel, noting that the 96%-leasedbuilding is at the confluence of the New Jersey Turnpike, GardenState Parkway, Routes 1, 9 and 440, and I-287. "The offering drewsignificant interest and more than a dozen offers.

"Buyer selection is critically important in this market,"Gabriel says. "Silverman is an exceptionally well-capitalizedprivate investor that had the ability and willingness to closeall-cash, but ultimately agreed to assume the existing loan for ashort period of time. That allowed Ivy to avoid considerabledefeasance costs. Ivy and Urdang were able to realize a solidreturn in what has been a challenging market.