(Read more on the industrial market.)
NORTH BRUNSWICK, NJ-Pantheon Properties has added the four-building industrial and office campus at 1980 Route 1 here to its portfolio for an undisclosed price. The New York City-based Pantheon is picking up the complex, which totals 250,000 sf on 26 acres, from its long-time owner/user, the Vertis Direct Marketing Services subsidiary of Baltimore-based Vertis Communications Inc.
“In the midst of this recent cycle of credit upheaval, we feel we're in a position that enables us to be closing deals on properties of value,” says Ken Cohen, CEO and founder of Pantheon. “This represents the first of what will be several significant and strategic acquisitions, and reflects the confidence we have in reaching our short- and long-term growth goals.”
The deal also marks the initial acquisition for Pantheon under the joint venture agreement the company recently completed with Principal Real Estate Investors. Going forward, the partners are targeting the acquisition of approximately $400 million in value-added, industrial/flex properties in the Northeast and Mid-Atlantic regions.
And the Vertis subsidiary is set to stay on-site in the wake of the sale. As part of that sale, the company has signed a partial sale-leaseback for two of the four buildings, amounting to approximately 134,000 sf. The combined sale-leaseback transactions were orchestrated by Mindy Lissner and Gil Hutzler, both SVPs of CB Richard Ellis.
The remaining two buildings being vacated by Vertis are being modernized with what Cohen terms, “a comprehensive improvement program, in anticipation of a new tenant.” Lissner is handling the marketing of the property.
And that availability consists of primarily of a 105,000-sf warehouse with 30-foot ceilings. It's available either as a stand-alone property, or in conjunction with a separate, 11,250-sf office building adjacent to it. The two buildings will be available in Q1 of 2008, according to Cohen.
The campus has been occupied for more than 30 years by the Vertis subsidiary and its predecessor company, Webcraft. Vertis Direct Marketing Services provides a variety of integrated marketing and advertising services.
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