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UTF Does Sale-Leaseback

HACKENSACK, NJ-Miami-based firm transacts with Summit Bank for acquisition valued at more than $18 million.

By Eric Peterson | Updated on August 16, 2000

United Trust Fund Limited Partnership, a Miami, FL-based real estate investment firm that specializes in buying up net leased corporate properties, has acquired three office buildings here totaling some 180,000 sf. The properties, which fetched more than $18 million, were then leased back to seller Summit Bank. The lease term is 12 years. Based in Princeton, NJ, the seller will continue to use the space for administrative purposes.

Summit, the largest bank in NJ in terms of market share of deposits, has total assets topping $38 billion. UTF, meanwhile, has completed a number of sale-leaseback transactions since its founding in 1972, most notably with such companies as Best Buy, Bank of America, Dana Corp., Ashland Oil, United Healthcare, Chrysler Corp., Eckerd Drugs and National Gypsum.

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