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Springfield Office Net Leased to LVMH Sells in 1031 Deal
CBRE arranged the $13.3-million sale of a 60,000-square-foot Class A office building in Springfield, NJ. The property, which serves as the national headquarters for the watch and jewelry divisions of LVMH Moët Hennessy Louis Vuitton SE, traded in a 1031 exchange.
A CBRE team of Charles Berger, Elli Klapper and Mark Silverman represented the seller, a tenancy-in-common, and also procured the buyer, a private investor.
“We were able to generate tremendous interest from local, national and even international buyers before settling on a 1031 Exchange buyer,” said Berger. He added that his team secured “aggressive pricing for our client,” while providing “an opportunity for the buyer to diversify their portfolio on a trophy asset.”
Situated on 2.7 acres at 966 S. Springfield Ave., the property was fully-renovated in 2003. It’s triple net leased to LVMH, which has invested significant capital over the course of its 20-year occupancy.
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- ◦Sale/Acquisition
