This week, CBRE announced the $15.6 million sale of 800 Corporate Drive in Mahwah, New Jersey.
Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Travis Langer, and Zach McHale of CBRE’s Institutional Properties Group represented the seller, AVR Realty, in the transaction. CBRE also procured the buyer, Urbana Partners, a South American-based investment management firm with real estate holdings throughout the United States and the United Kingdom.
800 Corporate Drive is 100% leased to Nobel Biocare and serves as a high-precision, light assembly facility for the manufacturing of dental implant products. Nobel Biocare has occupied the site for over 16 years and has invested substantially in the capital of the highly specialized 84,280-square-foot facility.
CBRE Vice Chairman Mr. Jeffrey Dunne commented, “AVR Realty has done a tremendous job maintaining a high-quality relationship with the tenant, as evidenced by their long-term occupancy, and have done a spectacular job managing the asset. This was made evident by the strong interest shown through the investment community.”
“The buyer was amazingly diligent in pursuing the asset because they truly understood the uniqueness of the building along with the quality of the tenant. The property is vital to the tenant’s business and provides a great addition to Urbana Partner’s U.S. portfolio,” added Mr. Neuer, Executive Vice President, CBRE.
CBRE Group, Inc is a commercial real estate services and investment firm headquartered in Dallas.
