DANBURY, CT-Matrix Connecticut LLC–an affiliate of New York City-based Matrix Realty Group picked up the Corporate Center at Danbury through a $72.4-million “cash merger” involving GERA Danbury LLC–the now previous owner of the property–an entity controlled by Grubb & Ellis Realty Investors LLC, explains Jeffrey Dunne of CBRE. Matrix “bought the partnership interest” and the property was transferred to them from GERA.

“The property’s stable of credit-quality tenants and accretive in-place financing provided Matrix with substantial cash-on-cash returns,” says Dunne, in a statement. “Additionally, the building’s infrastructure, location, existing tenant roster and Matrix’ commitment to numerous, high-end facility enhancements and improvements, validates Corporate Center’s solid platform and will allow Matrix to increase NOI and garner strong yields with future lease-up.”

The over one-million-square-foot trophy office campus holds tenants of Boehringer Ingelheim, Praxair and Honeywell on roughly 99 acres. Currently, the center sits at 61% leased. Dunne, Steven Bardsley, David Gavin and Christopher Leonard of CBRE’s New York Institutional Group repped GERA and procured Matrix.

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