Search
 

RiverOak Is Cofinance Partner in HQ Acquisition

CARTERET, NJ-The real estate fund sponsor has been revealed as the joint venturer in the $14.7-million purchase of Pathmark's former head office.

By Eric Peterson | Updated on July 09, 2008

CARTERET, NJ-As reported in late June, Lexington Realty Trust, sold the two-story, 150,000-sf former Pathmark Supermarkets headquarters at 200 Milik St. here for $14.7 million . The buyer was reported as the Hackensack, NJ-based Cofinance Inc. subsidiary of Luxembourg’s Cofinance Group.

Now, it has been revealed that Cofinance had a partner in the class B office acquisition, namely the Stamford, CT-based RiverOak Investment Corp. And while Pathmark was acquired by A&P in late 2007 and has consolidated its administrative functions to the latter’s Montvale, NJ headquarters, it still has an absolute net lease on the building through the end of 2011.

“This project has considerable downside protection because the Pathmark lease provides significant cash flow through the end of their lease term,” says RiverOak managing director Stephen DeNardo. “We have reached an agreement that permits us to re-lease the space, which assists Pathmark in mitigating its rent exposure.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.