Now, it has been revealed that Cofinance had a partner in theclass B office acquisition, namely the Stamford, CT-based RiverOakInvestment Corp. And while Pathmark was acquired by A&P in late2007 and has consolidated its administrative functions to thelatter's Montvale, NJ headquarters, it still has an absolute netlease on the building through the end of 2011.
"This project has considerable downside protection because thePathmark lease provides significant cash flow through the end oftheir lease term," says RiverOak managing director Stephen DeNardo."We have reached an agreement that permits us to re-lease thespace, which assists Pathmark in mitigating its rent exposure.
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