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."

And officials of both Cofinance, as the new owner, and Pathmark, as the potential sublandlord, say they are "working closely together to begin to re-tenant 200 Milik St. immediately," according to a spokesman. "They are offering very creative lease structures at favorable rent and terms."

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