The property's buyers are Lincoln Equities Group of Rutherford;the New York City-based Meritage Properties, through itsMeritage/Oppenheimer Real Estate Value Partners I LP; and AvenueCapital, an investor group. The seller was the Conshohocken,PA-based Preferred Real Estate Investments. The sale price was notreleased, but various sources estimate that price to be in the$60-million to $70-million range.
"This property provided us with a tremendous investmentopportunity," says Andrew Nathan, a Meritage principal. "Itfeatures entirely new systems and infrastructure, and the propertydistinguishes itself with its high ceilings, skylights, exposedbrick and ceilings and expanded window lines."
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