Pathmark HQ Office Sells for $15M

CARTERET, NJ-The early-’80s office building that the Pathmark supermarket chain has occupied for more than 25 years as its headquarters has been sold. The 150,000-sf, two-story building at 200 Milik St. has been acquired by Cofinance Inc., the Hackensack, NJ-based US subsidiary of Luxembourg’s Cofinance Group, for $14.7 million, or just less than $100 per sf.

The seller was Lexington Realty Trust. The New York City-based REIT focuses on single-tenant, net leased properties, and while Pathmark has an absolute net lease through the end of 2011, the building’s occupancy is about to change. The 141-store Pathmark chain was acquired in late 2007 by A&P in a $1.4-billion deal, and with Pathmark now functioning as an A&P brand, its administrative operations are being consolidated at A&P’s headquarters in Montvale, NJ.

“This disposition was well timed,” says Jose Cruz of Cushman & Wakefield’s Metropolitan Area Capital Markets Group, East Rutherford, who brokered the sale with team members Andrew Merin, David Bernhaut and Gary Gabriel. “Notably, Cofinance’s involvement reflects stepped-up activity among the international investment in the tri-state area.”