As reported by GlobeSt.com,242 Walton Partners LLC, a private investment group led by Summit-based businessman Birger Brinck-Lund, bought the building earlier this month from a trio of partners, including the New York-based Geometry Realty, Bergman Real Estate of Iselin and Grand Realty Group of Summit. The reported sale price was in the $10-million range.
At the time of sale, the building was listed on Bergman's website with 14,000 sf available at an asking price of $18.50 per sf plus tenant electric. But the relocation of major tenant Qualcare to another nearby building has effectively made a total of 85,000 sf now available. The space is divisible to 2,500 sf, according to Truesdell.
The new ownership is also launching a capital improvement program. According to Brinck-Lund, that program will include upgraded common areas, new landscaping, new building signage and on-site food service. The building also has as-right zoning to facilitate the medical office segment of the market. Also part of the package is an adjacent undeveloped site.
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