The final sale price was "in the $65-million range," according to Milton Charbonneau, vice president of Colliers Houston & Co., Teaneck, who advised the seller, the locally based Fruscione Co. The sale price factors out to $152 per sf. Colliers Houston was assisted by Craig Evans, senior managing director with Colliers ABR of New York City. The New York City-based Comfort, a private equity fund, was represented in-house by Robert Dekey. Fruscione had owned the complex through its Quakerbridge Plaza LLC affiliate.
"The seller put the property on the market to take advantage of a favorable interest rate environment," Charbonneau says. The state has been the prime tenant at the complex, which was built in stages in the 1980s and '90s, for almost two decades. Most of the remaining space is leased to private companies, several of which are state contractors.
When the sale was initially announced in mid-spring, the property was 100% leased. Currently, just 8,500 sf is available in equal portions in three of the property's buildings, with those availabilities listed with an asking rent of $22 per sf. The Fruscione Co. maintains its offices on the property and continues as managing agent.
In a related development, Fruscione has hired Charbonneau to market that company's next project, the Hamilton Clocktower Corporate Center. Site work is just under way for the three-building, 172,000-sf class A project, located at Exit 3 of Interstate 195 not far from Quakerbridge Corporate Plaza, with completion slated for the summer of 2006.
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