"The transaction worked perfectly for both parties," says Randy Eigen, first vice president of CB Richard Ellis, Saddle Brook, who teamed with senior director James Gunning of CBRE Melody to arrange the sale, representing the seller. "It enabled WR&E to sell this investment property promptly and reinvest in another opportunity. At the same time, it also enabled the buyer to acquire a newly constructed office building with no leasing risk and no management obligations."
The asset, a two-building complex located at 2-4 Mill Ridge Rd., was in the seller's portfolio for just more than a year. As reported by GlobeSt.com, WR&E, headed by partners Ed Walsh, Patrick Eichner and Chris Richter, bought the under-construction building in early 2006 from KJW Development Co., which had started construction in 2005 on a spec basis. The acquisition was the first by WR&E.
Simultaneous to buying the complex, WR&E signed Adams Respiratory Therapeutics to a full-building lease in a move signaling that company's headquarters relocation from Fort Worth, and subsequently completed the build-out for the new tenant. Adams, which makes and markets Mucinex and other over-the-counter respiratory products, has 11 years to run on its initial term, plus renewals.
The Adams headquarters building is located at the interchange of routes 24 and 206, between I-80 and I-287/78. The trophy-quality complex features marble lobbies and a fieldstone accented exterior.
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