The global consumer products supplier took initial occupancy and then arranged a sale and exchange of title to New York Life Insurance Co. for $36.18 million.
Subsequently, New York Life leased the facility back to Reckitt Benckiser. The rental rate was not disclosed, but it is estimated to be in the range of $$3.90 to $4.20 per sf, according to GlobeSt.com research.
The Parsippany, NJ office of New York-based GVA Williams represented Reckitt Benckiser in the complex transaction from acquisition of the land through the sale-leaseback negotiations. The GVA team included Joe Boiseau and David Simson, director and president, respectively, of the New Jersey office.
The distribution facility has a 28-foot ceiling and 84 loading docks. Among the familiar products Reckitt Benckiser markets are Lysol, Mop & Glow, Tidy Bowl, Vanish, and French's mustard. The parent company has operations in 80 countries and markets products to 180 nations across all continents.
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