RIDGEFIELD PARK, NJ-The former Samsung headquarters building at 105 Challenger Road here has been sold to an unnamed buyer for approximately $9 million, says Newmark Knight Frank Capital Group, which was named to manage, lease and sell the project by LNR Partners.
Mack-Cali had owned the nine-story, 150,000-square-foot property, but turned it over last year to LNR, the special servicer for the building’s $19.5 million in debt, according to a September 2010 Bergen Record article. Earlier in 2010, Samsung moved next door to 85 Challenger Road at a lower rent. The building has been empty since.
“We were extremely happy with the outcome of this transaction,” says Jacklene Chesler, director for the Newmark Knight Frank Capital Group, in a statement. “The building traded near $60 per square foot. The adjacent building, 85 Challenger Road, traded for $44 per square foot in 2008—just as commercial real estate prices started to soften. We believe that this sale is an indicator of better market conditions for owners looking to trade their assets.”
Developed in 1992 by Kajima as a build-to-suite for Samsung, 105 Challenger is part of Overpeck Centre, a 60-acre mixed-use business park that offers a total of 1,017,430 square feet of premium office space. The buyer will occupy approximately 25% of the space, and is searching for other corporate tenants for the balance of the space. LoopNet listings for 105 Challenger say rents are “negotiable,” and quote $26 per sf for Overpeck Office Park II.
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