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CBRE announced that Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer and Zach McHale of CBRE’s Institutional Properties group, in partnership with CBRE’s Tom Sullivan, represented an institutional seller in the $46.6 million sale of 170 Park Avenue in Florham Park, New Jersey.
170 Park is fully leased on a long-term basis to Celularity, Inc. and serves as their corporate headquarters, lab, and manufacturing facility.
The CBRE team was also responsible for procuring the buyer, JLL Income Property Trust, an institutionally managed daily NAV REIT advised by LaSalle Investment Management with a portfolio valued at more than $3.3 billion.
The Cornerstone Hauppauge to
a joint venture between two
institutional partners.
The developer built the 55+
luxury community in Hauppauge, N.Y. in 2019 at a cost of $22.5 million,
according to documents filed with the Town of Islip IDA.
The CBRE team of Jeffrey Dunne,
Gene Pride, Travis Langer and Zach McHale, along with Aron Will and Austin
Sacco of CBRE’s Senior Housing Group, represented the seller and procured the
buyer.
The Class A multifamily community offers tis residents a clubhouse and lounge, conference room, caterer’s kitchen, fitness center and outdoor grill. The apartments feature designer finishes with quartz counters, stainless steel appliances, vinyl plank flooring, tile backsplash and pendant lighting.