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Posted: December 27, 2022
CBRE arranges $12 million sale of NNN leased life sciences facility
Orangeburg, NY CBRE completed the sale of 25 Corporate Dr., a 38,400 s/f life sciences facility located in Rockland County. The single tenant absolute NNN property leased to Scapa North America, a wholly owned subsidiary of global provider of engineering solutions and advanced materials Schweitzer-Mauduit International, was acquired by Solomon Builders for $12 million from 25 Corporate Drive, LLC in a 1031 exchange transaction.
The CBRE team of Charles Berger, Elli Klapper, Mark Silverman, and Jeremy Wernick spearheaded the marketing of the asset and represented the seller in the negotiations. CBRE also procured the buyer. The deal is another example of the team’s continued success in closing deals in today’s volatile real estate environment.
“25 Corporate Drive is an amazing asset that is NNN leased to a very high-quality corporate tenant, providing new ownership with stable cash flow as well as future development potential,” said Berger. “Interestingly, given high interest rates, the seller was able to offer the buyer financing at a much lower rate to facilitate the sale.”
Located in an existing corporate park with transportation options, 25 Corporate Dr. is a single-story life sciences facility with significant upside potential. The property has experienced significant improvements recently, including new fixtures and a new roof with warranty through 2040.
This is one of over 40 deals completed by the Tri-State Investment Properties team, who have closed over $765 million in sales this year.
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