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KABR, Capstone Buy Prudential Mortgage

HASBROUCK HEIGHTS, NJ-With the purchase, the JV takes control of a 130,000-square-foot Bergen County office building.

By Alyson Grala | Updated on August 03, 2009

HASBROUCK HEIGHTS, NJ-The JV partnership of KABR Real Estate Investment Partners LLC and Capstone Realty Group Inc. has acquired the mortgage secured by the 130,000-square foot office building at 611 Rte. 46 W. here from Prudential. The purchase of 611 Route 46 W. was the first collaboration of KABR and Capstone who closed the deal within one week of contract signing.

Simultaneous with the purchase of the mortgage, KABR and Capstone were able to obtain the deed to the property. The undisclosed all-cash deal marks the second Bergen County office acquisition for KABR and the second acquisition for Capstone in the past two months.

KABR recently acquired 85 Challenger Rd. in Ridgefield Park from AIG and Capstone acquired a non-performing commercial real estate loan pool from a Northern New Jersey commercial bank in June.

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