The deal was reported by Bethesda, MD-based commercial real estate finance firm Walker & Dunlop, which represented California-based Praelium Commercial Real Estate and South Street Partners of Charlotte, NC, in refinancing the property as part of a restructuring and recapitalization of the ownership entity.

“The chance to own a site like One Geoffrey Way does not come around often,” says Jeffrey Babikian, a CBRE executive vice president. Originally built as a headquarters for American Cyanamid, Toys 'R' Us occupied the property for 16 years.

Qualified opportunity zone funds have already averted demand away from 1031 exchange transactions as buyers see the similarity in benefits.