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The team, led by David Beshears, brings a 25-year track record and will focus on a wide variety of property types, primarily in Florida and the Southeast.
The transaction, according to Cushman & Wakefield, for the full-building lease involved the negotiation of a lease termination with existing tenant, Sun Pharmaceutical, and the arrangement for the purchase of in-place research and development infrastructure.
The portfolio consists of 17 fully stabilized properties spanning nine US markets: Dallas/Fort Worth, eastern Pennsylvania, Nashville, Cincinnati, Jacksonville, Columbus, Chicago, Las Vegas and Austin.
The deal for the 96,000-square-foot complex within the East Gate Business Park was reported by Colliers International's Mount Laurel office, which represented the seller.
At the NAR conference, Ken Rosen said the current trade war with China is having an impact, along with a number of tech companies showing revenue but no profits, manufacturing in decline and many countries in recession.