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Gale Acquires 105 Challenger Rd.

RIDGEFIELD PARK, NJ-The Gale Co. acquires the 147,000-sf 105 Challenger Rd. from Wellsford/Whitehall Group LLC. Samsung and Chase Mellon lease the entire property.

By Sean Ryan | Updated on May 19, 2005

Sean Ryan is associate editor of Real Estate New Jersey RIDGEFIELD PARK, NJ-The Gale Co., based in Florham Park, has purchased the 147,000-sf 105 Challenger Rd. here from Wellsford/Whitehall Group LLC for $31.4 million. The building is 100% leased to Samsung and Chase Mellon.

About $10.5 million of the net proceeds and $8 million of the restricted cash were used to pay down existing debt, leaving WWG with no mortgage debt. The remaining $20.2 million in cash, after selling expenses, will be ready for WWG operations and distribution to partners. WWG expects to gain $10.1 million on the transaction.

The Archon Group led the transaction on behalf of the WWG. Regional directors Fred Arena and Sam Morreale, along with director of dispositions John McNamara, led the transaction from Archon’s Chatham office. Additionally, Cushman & Wakefield’s Financial Services Group represented Archon.

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