"We made a market for the offering on a multi-state program andreceived a high percentage of offers from out-of-state investors,"says G&E's Matthew Schnurr, who teamed with colleagues JohnHoffman and Michael Harrington to put the deal together. "Theability to plant the flag in New Jersey with a combination ofstabilized and value-added components was compelling."

The property consists of the 49,477-sf Mountain Lakes I, whichwas built in 1978 and redeveloped in 2000 after TIAA-CREF, themortgagee, took the long-vacant building over. It is currently 100%occupied by Pinnacle Foods Corp. and Omnova Solutions. As reportedby GlobeSt.com, Pinnacle expanded its headquarters space in 2004from 17,000 sf to 42,000 sf, effectively filling the building andcompleting its redevelopment program.

The value-added opportunity comes from the 63,528-sf MountainLakes II. Built in 1981, it is largely leased to Computer Horizons,which renewed on a long-term basis in 2004. But Computer Horizonshas downsized within the property, opening up the redevelopmentopportunity, says Schnurr. Finally, the site includes a land parcelzoned for as-of-right development of an additional 64,000 sf.