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Samsung’s North American HQ Trades to Korean Buyer
The KABR Group, a private equity real estate firm, completed the sale of Samsung’s North American headquarters at 85 Challenger Rd. in Ridgefield Park, NJ’s Overpeck Corporate Centre to Asia Investment Management in a deal reported at approximately $60 million.
The JLL capital markets team of Jose Cruz, Kevin O’Hearn, Steve Simonelli, Michael Oliver and J.B. Bruno represented the seller and procured the buyer, a Seoul-based company making its first U.S. acquisition.
A tenant at the broader Overpeck campus since 1991, Samsung recently renewed its 233,000-square-foot lease at 85 Challenger Rd., where it has been headquartered for more than 10 years.
“The investment opportunity was appealing to both domestic and offshore capital given the credit and term remaining which provides a predictable cash flow for the buyer,” said Cruz. “We are pleased to see more overseas equity pursue commercial real estate transactions in the state of New Jersey.”
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- ◦Sale/Acquisition
