American Realty Capital Acquires Ingersoll Rand HQ

ANNANDALE, NJ—The office building net-leased to Ingersoll Rand Tools as its corporate headquarters on Route 31 here has been sold for $18.1 million to American Realty Capital Properties, Inc.

The transaction was announced by CBRE Group, which represented CBRE Global Investors, the sellers, in the transaction. CBRE's Jeffrey Dunne, Kevin Welsh, Brian Schulz and Frank Maresca of its New York institutional group also procured the buyer in the deal.

The 105,074-square-foot building at1467 Route 31 was developed in 1999 as a build-to-suit for Ingersoll Rand. The property is 100% net-leased to Ingersoll Rand Tools, which recently committed to an additional 10-year lease term.

CBRE's Welsh says of the deal, “The property provides ARCP with a long-term net lease secured by the investment grade tenancy of Ingersoll Rand within a corporate headquarters-quality building.”

CBRE's New York group is currently marketing these properties:

* Metropolitan Center, a 423,343-square-foot office property in East Rutherford adjacent to MetLife Stadium

* AMLI on the Plaza, a 149-unit apartment property in Morristown

* the RFR Stamford office portfolio, a three-building, 717,000-square-foot office and 106-residential-unit portfolio, along with Glenview House, a 146-unit apartment property, both in downtown Stamford, CT.