Single-Tenant Life Science Facility Changes Hands in Orangeburg
CBRE arranged the sale of 25 Corporate Dr., a 38,400-square-foot life sciences facility located in the Rockland County community of Orangeburg, NY. The single-tenant absolute NNN property leased to Scapa North America was acquired by Solomon Builders for $12 million from 25 Corporate Drive, LLC in a 1031 exchange transaction.
The CBRE team of Charles Berger, Elli Klapper, Mark Silverman, and Jeremy Wernick spearheaded the marketing of the asset and represented the seller in the negotiations. CBRE also procured the buyer.
“25 Corporate Dr. is an amazing asset that is NNN leased to a very high-quality corporate tenant, providing new ownership with stable cash flow as well as future development potential,” said Berger. “Interestingly, given high interest rates, the seller was able to offer the buyer financing at a much lower rate to facilitate the sale.”
- ◦Sale/Acquisition