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PARSIPPANY, NJ-A fund advised by UBS Global Asset Management has teamed with Lincoln Property Co. to buy 9 Entin Rd., a 197,000-sf, three-story office building here, from the Secaucus-based Hartz Mountain Industries. The price of $26.8 million factors out to just more $136 per sf. Hartz was represented in the transaction by Jeffrey Dunne, Kevin Welsh and Jeffrey Oram of CB Richard Ellis’ New York Tri-State Investment Team, which also brought the buyer to the table.

The building, located within the Morris Business Campus near I-287, is currently 47% leased to two major tenants. AIU Insurance Co. occupies just under 70,000 sf, while Emerson Radio occupies approximately 22,500 sf, using the space as its US headquarters.

“The building offers UBS and Lincoln a value-add opportunity to modernize the common areas and infrastructure to raise rents and occupancy,” Dunne says. “I expect the new ownership to achieve full occupancy within 24 months.”

“Morris County’s continued high level of demand from companies looking for class A space, combined with a limited supply of such space, provides the new owners an opportunity to reposition the building and capture this demand,” Welsh says.

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