The seller was Lexington Realty Trust. The New York City-basedREIT focuses on single-tenant, net leased properties, and whilePathmark has an absolute net lease through the end of 2011, thebuilding's occupancy is about to change. The 141-store Pathmarkchain was acquired in late2007 by A&P in a $1.4-billion deal, and with Pathmark nowfunctioning as an A&P brand, its administrative operations arebeing consolidated at A&P's headquarters in Montvale, NJ.

"This disposition was well timed," says Jose Cruz of Cushman& Wakefield's Metropolitan Area Capital Markets Group, EastRutherford, who brokered the sale with team members Andrew Merin,David Bernhaut and Gary Gabriel. "Notably, Cofinance's involvementreflects stepped-up activity among the international investment inthe tri-state area."

And officials of both Cofinance, as the new owner, and Pathmark,as the potential sublandlord, say they are "working closelytogether to begin to re-tenant 200 Milik St. immediately,"according to a spokesman. "They are offering very creative leasestructures at favorable rent and terms."