CLIFTON, NJ-Newmark Knight Frank Capital Group has completed the sale of 2, 4 and 6 Brighton Rd. here, a 163,000-square-foot, class B multi-building office complex that until recently was owned and occupied by Linens ’n Things for its corporate headquarters. A KABR Group investment fund purchased the property for roughly $6 million in an all-cash transaction.
NKF Capital Group principals Matthew Schnurr and John Hoffman, and director Jackie Chesler, teamed with principal Richard J. Madison and managing director Richard Mirliss in representing the seller, LNR Partners Inc. This is the third disposition this summer where the tenant and agency rep team led by Madison and the Tri-State Capital Group team led by Schnurr joined forces on behalf of LNR.
“While marketing the complex, we received nearly 90 confidentially agreements and over 20 offers,” Schnurr tells GlobeSt.com. “Additionally, a significant number of full-building users surfaced during our marketing efforts. We were able to take advantage of this pent up demand by crafting a post-closing transaction with KABR for an anticipated full-building user.” He adds that “the complex will yield a risk adjusted return commensurate with the opportunistic nature of the investment.”
According to Mirliss, “KABR has put in place a well thought strategy that will target a high demand niche tenants within the market.”
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