Two-Building Complex Trades for $22M

Givaudan, the Geneva, Switzerland-based maker of flavors and fragrances, has acquired the vacant asset for a reported $21.5 million, or about $142 per sf. A spokesman for the buyer says the company will spend another $62 million to turn the complex into a new North American consumer products creative center. Among a number of North American locations, Givaudan already has a flavors production facility here.

"State of the art automation and robotics will compliment the development and commercialization of performance, controlled-release technologies," the spokesman says, adding that the complex will also feature "a new consumer and sensory intelligence lab. Construction will start this spring and the opening is scheduled for June 2008."

The seller was the Mountain Lakes, NJ-based North Jersey Development Group Inc., represented in-house by Dan Cohen and externally by SVP Richard Danesi and VP Brian Godau of CB Richard Ellis. Givaudan was represented in-house.

NJDG owned the property for just more than a year, buying it in early 2006 from Preferred Real Estate Investments for $15.3 million, or $99 per foot. At the time of that sale, the complex was approximately one-third occupied by the headquarters of National Prescription Administrators Inc., but shortly thereafter became fully vacant relating to that company's acquisition by Express Scripts Inc. NJDG gave the marketing exclusive to CBRE to find tenants or a buyer shortly after picking up the complex. PREI had previously bought the asset in early 2004 for an undisclosed price.

Originally constructed in 1981, Ridgedale Corporate Center consists of two interconnected office buildings on 20 acres near Routes 46 and 280 and Interstates 80 and 287. The North building is a two-story structure containing 36,662 sf and the South building is a three-story structure, built partially over grade level surface parking, containing 114,754 sf. The two buildings are connected by a second-story windowed skywalk.