The transaction was arranged on behalf of the building owner, 485 Properties LLC, a subsidiary Teachers Insurance and Annuity Association, by John Beers, senior vice president of Grubb & Ellis, Fairfield, NJ. Tom Alter of TR Alter Associates repped Pinnacle Foods. The terms of the signing were not disclosed.
Now 100% leased, the 50,000-sf building had been vacant for almost a decade until TIAA, the mortgagee, took it over, according to Beers. The structure was subsequently gutted and rebuilt.
"It represents a dramatic turnaround by anyone's standards," Beers says. "TIAA has consistently approached their redevelopment projects with the belief that there is always a demand for quality."
Mountain Lakes Corporate Center has a companion 63,528-sf office building that is currently fully occupied by Computer Horizons. CH's lease was recently renewed, according to Beers.
Pinnacle Foods is better known for some of its brands, including Vlasic Pickles, Swanson Frozen Foods, Open Pit Barbeque Sauce, Duncan Hines and Aunt Jemima, among others. The five-year-old company was acquired from its founders last summer by a partnership headed by JP Morgan Partners, and late last year acquired the St. Louis-based Aurora Foods in a $425 million deal.
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