The seller was the Villa family, locally based, represented by aNewmark Knight Frank brokerage team led by managing directorRichard Mirliss and including Hope Brodsky, David Noonan,Christopher LoSapio, Jennifer Schwartzman and Justin DiMare of thefirm's Rutherford and New York offices. Feil, which marks its entryinto the New Jersey market with the acquisition, was representedin-house.

The sale price was not disclosed, although the portfolio hadbeen listed in the summer of 2007 with an overall asking price of$100 million and sources say it likely traded for a number in thatrange. The Villa family had put portfolio up for sale in itsentirety or in parts, and accepted bids through this pastSeptember.

"This has to be one of the largest transactions to take place inthe tri-state area so far this year," says Mirliss. "I think it's awelcome piece of news for a real estate community that's beenspending too much of its time lately focused on the current turmoilin the credit markets. It bucks the notion that big deals can't getdone in today's credit-impaired marketplace."

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