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SECAUCUS, NJ-The 130,000-sf multi-tenant warehouse/office facility at 600 Meadowlands Parkway has been sold by local developer Martin Rappaport to an affiliate of the New York City-based KTR Capital Partners. The sale price was not released, but the final number is “over $15 million,” a source tells GlobeSt.com. That sale price would factor out to a very solid $115-plus per sf. The deal was brokered by Chaus Realty of Hasbrouck Heights.

“This is a Meadowlands asset that’s geared to an underserved segment of the market,” says John P. DiCola, a partner at KTR, a private equity firm formed in 2004 by former execs of Keystone Property Trust after that company’s assets became part of ProLogis. “Presently, the inventory of shallow-bay warehouse and small-unit office space in the Meadowlands is virtually non-existent. Our plan is to re-invigorate a solid building.”

The property was 85% leased to multiple tenants at the time of sale, and the new owner is planning some upgrades.

“We will immediately start a capital improvement program to address deferred maintenance issues and to restore the building to a first-class condition,” says KTR vice president Brian Milberg. “Leasing activities while we had the project under contract have been very positive and we expect to be near full occupancy soon.”

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