X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ROSELAND, NJ-The Gale Co., based in Florham Park, NJ, has sold the 90,000-sf 7 Becker Farm Rd. within the company’s 280 Corporate Center here to Automatic Data Processing (ADP). The buyer will occupy all of the four-story building, which has until now been utilized as a multi-tenant facility.

Senior vice president Joe Adamo and vice president Tim Greiner of the Gale Co. provided in-house representation on the transaction. Jim Fraser, Michael Cohen, Glenn Roberts and Colton Brown of GVA Williams represented ADP. Terms of the deal, including the sale price, were not disclosed.

In the wake of the sale, Gale is going to relocate all of the building’s existing tenants to other buildings within 280 Corporate Center, which it added to its portfolio back in 1997 as part of the acquisition of Bellemead Development Corp.’s holdings. Also, Gale Construction Co. has been hired by ADP to provide construction management services relating to a complete interior renovation of the building.

“The sale of 7 Becker Farm Rd. reflects our strategy of selling targeted assets to users who prefer to own their own facility,” according to Mark Yeager, Gale’s president and chief investment officer. “We have recently completed similar transactions at Chubb Way in Branchburg [NJ] and Madison Avenue in Morristown [NJ].

“In this interest-rate sensitive environment, we are seeing a proliferation of user sales that meet both a company’s operational and bottom-line objectives,” Yeager adds.

Gale’s remaining portfolio, which includes properties in the US, the United Kingdom and South Korea, currently stands at more than 50 million sf. The company presently maintains joint venture relationships with Morgan Stanley, JP Morgan, UBS and Praedium Fund.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.