WOOD-RIDGE, NJ-Jet engine maker Curtiss-Wright has sold its 2.5 million-sf industrial complex here to a joint venture between two prominent, unnamed real estate families for an estimated $51 million. Both the sale of the property and a $42.4 million acquisition loan to complete the deal were arranged on behalf of the buyers by Howard Michaels, chairman, and Michael Campbell, vice president, of the New York-based real estate firm, Carlton Advisory Services.

Carlton originated and closed the 80% leveraged loan after September 11, with an unnamed Manhattan-based source providing the funding. “Using our banking relationships,” Campbell tells GlobeSt.com, “we were able to close the requested financing without any significant deal changes.”

The partners in the acquisition and loan transactions “do not wish to be identified,” according to Campbell, who describes them as “two of the largest private real estate families in the country. Combined, they own more than 20 million sf of industrial space, as well as a variety of other commercial properties.”

Seller Curtiss-Wright, which was represented by Grubb & Ellis in the sale transaction, had used the sprawling asset for many years to make and test jet engines for the military. But the company closed that operation down some 20 years ago and subsequently turned the site into a multi-tenant industrial complex, which it continued to own.

The most prominent tenant in the complex, located in Bergen County, less than 10 miles from Manhattan, is Rose Art Industries, a maker of arts and crafts, mostly for children, and toys. The company, which uses the site as its headquarters complex, has a client list that includes such prominent names as Walt Disney and Hasbro Toys.

“Curtiss-Wright didn’t want to be in the real estate business any longer, and decided to sell the property,” Campbell tells GlobeSt.com. “One issue involved in the sale was that the property’s true value was frankly unrealized under its previous management.”

Carlton is a national advisory firm involved in debt and equity placement, investment sales and commercial and residential loan sales. With a client list that includes some of the most active developers and owners in the metro New York area and around the country, the firm has arranged more than $9 billion in transactions since 1998.

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