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CARTERET, NJ-CB Richard Ellis has been retained to sell a 100% fee interest in the Genuity Data Center, a state-of-the-art telecom facility totaling 192,000 sf on 10.46 acres just off Exit 12 of the New Jersey Turnpike. The building is fully leased on a net lease basis to Genuity, Inc., the global Internet affiliate of telecom giant Verizon. Genuity is currently investing more than $75 million in the property.

The unnamed owner “hasn’t established a specific asking price, but has elected to sell the property at current market terms,” according to Jeff Dunne, team leader in the Paramus, NJ office of CB Richard Ellis’ Tri-State Investment Team. Dunne and CBRE senior vice president Chris McManus in the Stamford, CT office are heading the marketing effort.

“The property is expected to sell at a price that will provide an initial return substantially in excess of the current intermediate term bond yield for this BBB+ rated company,” Dunne adds. As far as the ongoing tenancy, “due to the critical nature of this facility and the investment Genuity has made in the property, it’s extremely likely that the lease will be renewed when it expires in 2010.”

The asset also includes an adjacent expansion parcel of just over 5.5 acres. Preliminary plans for development of the site include more than 225,000 sf of gross building space.

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