ACG Equities JV Acquires Merritt Crossing for $23M

Jeffrey R. Dunne and James R. Tully of CB Richard Ellis' New York Tri-State Investment Team worked with Michael Siegel and Steven Greenbush, also of CB Richard Ellis in representing 440 Wheelers Farms Road LLC. The seller, 440 Wheelers Farms Road LLC, was a partnership comprised of Sterling American Property Inc. and Hines Interests. CB Richard Ellis was also responsible for procuring the buyer, Merritt Acquisition LLC, a joint venture between ACG Equities LLC of Brooklyn and Gotham Realty Holdings of New York City.

The property is currently 97% leased. It has a tenant roster that includes Environmental Data Resources, which occupies 47,544 sf of space, Cox Radio, which leases 20,739 sf and Turner Construction, which maintains a 15,806 sf office.

"After acquiring the vacant building in 1998, we added a new amenity package that included a 150-seat full service cafeteria, a private dining and conference room, shower rooms and lockers as well as a 24-hour, state-of-the-art, controlled access security system," says Robert Bergman, vice president of asset management for Sterling American Property Inc."

Henry Kauftheil, president of ACG Equities, says his firm was attracted to the deal based on its stable tenant base and prime location near both I-95 and the Wilbur Cross/Merritt Parkway. In addition, the company is planning on pursuing some commercial development in the future on an adjoining 26 acre-parcel that was part of the transaction.

He adds that his firm is currently in negotiations on three potential office building acquisitions in the state of Connecticut and nine properties nationwide. Kauftheil says that some news on those potential purchases could be announced in the next 30 to 45 days, since five of the properties are under contract.

ACG Equities is a real estate investment and asset management firm. Its Investor Group collectively controls nearly $1 billion in real estate assets nationwide, including a portfolio of 8.4 million sf of office and industrial properties, 5,000 multifamily units, 20 shopping centers and 32,000 sf of developable land.