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PARAMUS, NJ-Burroughs Development Corp. has sold a four-building office portfolio to entrepreneurial investor David Schemano for $32 million. With a total of just under 226,500 sf involved in the transaction, the price tag factors out to a little more than $141 per sf. The deal was arranged by senior managing director Tom Didio of Holliday Fenoglio Fowler’s Edison, NJ office, and Glenn Whitmore, who holds the same title in the firm’s New York City office.

As part of the deal, HFF also secured a seven-year, fixed-rate loan to finance one of the four buildings; 10-year, fixed-rate loans for two of the other buildings; and a six-year, fixed-rate package for the fourth asset. The funding was arranged through John Hancock Life Insurance Co. and GMAC, according to Didio.

“The Burroughs portfolio transaction was a highly structured sale and financing that was consummated through the joint efforts of the New York City institutional sales group and HFF’s New Jersey office,” Didio explains. “We were pleased to work with a sophisticated seller who was willing to allow us to restructure the portfolio’s debt to achieve the highest possible sales value for the portfolio.”

Of the four suburban office properties, which are all 100% leased to a tenant mix dominated by professional and financial services firms, three are located in this Bergen County community. For one, Paramus Plaza I is a three-story, 64,208-sf asset situated on five acres along Route 17, a major commercial corridor in the region. Paramus Plaza II, meanwhile, totals just over 49,000 sf on 3.4 acres adjacent to Paramus Plaza I. And Paramus Plaza IV is a three-story, 70,235-sf building on 3.7 acres across from the Garden State Plaza Mall. The fourth property is the 43,000-sf Preakness Plaza, a three-story building that sits on just under six acres a few miles to the west in Wayne, NJ.

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