Charter Realty Buys Rockleigh, NJ Property in 1031 Deal

8 King Road, Rockleigh, NJ

ROCKLEIGH, NJ — Charter Realty Group is acquiring 8 King Road in Rockleigh, NJ from a fund affiliated with Marcus Partners as part of a 1031 exchange. Jeffrey Dunne, Kevin Welsh, and Brian Schulz of CBRE Institutional Properties worked with Lee Asher and Chris Bodnar of CBRE’s Healthcare Capital Markets Group to represent the Marcus fund and find the buyer. “The sale of 8 King Road marks the end of a highly successful repositioning strategy and execution by Marcus Partners,” says Dunne . “ Charter Realty Group was attracted to Spectra’s investment-grade credit and substantial investment in the property and will benefit from secure long-term cash flow.” 8 King Road is a state-of-the-art, 204,495 square foot office/life science building that is 100 percent net leased to Spectra Laboratories on a long term basis, and guaranteed by its parent company, Fresenius Medical Care Holdings . The property is Spectra’s mission-critical testing facility for the eastern half of the United States. Marcus Partners completed a major redevelopment of the property, which included new labs and testing facilities, new mechanical infrastructure and aesthetic enhancements. Located in Bergen County, 8 King Road i s situated just 30 minutes from New York City and at the midpoint of the Boston to Washington DC corridor providing regional connectivity and accessibility for deliveries of samples across the eastern half of the United States. This area has attracted numerous healthcare and biotech companies by its highly educated and skilled workforce, proximity to quality housing options in Bergen and Rockland Counties, and developed highway infrastructure.