The deal was arranged by James Gunning, a senior director, and Greg James, a vice president in the Paramus, NJ office of LJ Melody & Co., the real estate banking arm of CB Richard Ellis. The money was provided by "a major life insurance company," according to Gunning. No further details of the transaction were disclosed.
The building at 237 River Rd. is currently 100% leased for a 10-year term to EK Success. The tenant, which distributes crafts, scrapbook and other stationary-related products through craft shops, uses the facility for its headquarters and distribution operations.
The building itself is one of three that the Morris Co. and its affiliates have completed recently along River Rd. in Clifton. The other two are also fully occupied, by apparel and accessory maker Harve Benard, and by Allied Office Supplies. Both companies use their facilities for warehouse/distribution purposes.
Company-wide, LJ Melody generated more than $11 billion in real estate financing transactions last year. Through its affiliate Gemsa Loan Services, the Houston-based company has a servicing portfolio of more than 8,000 loans totaling over $61 billion.
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