Horn and Boyd of Besen Special Assets sells 83,200 s/f office center for $8.5 million

Besen Special Assets arranged the sale of an REO asset located in Atlantic City by managing partner Jonathan Horn and managing director Samuel Boyd. The subject property, at the intersection of the Garden State Pkwy. and Atlantic City Expressway, totals 83,200 gross s/f and is comprised of two class B two-story office buildings totaling 41,600 s/f each. The property sold for $8.5 million. The stabilized office park, which was fully leased at the time of sale, presented the ideal opportunity for Besen Special Assets to procure the purchaser of the subject REO by introducing a private investor, whom they exclusively represent, to the seller, a regional bank represented by a third party, in an all cash deal which closed start to finish in 30 days. When speaking of the recent transaction Boyd states, "The Egg Harbor transaction once again exemplifies Besen's ability to quickly and efficiently identify, underwrite and close on even the most complex asset sales."