CBRE on Aug. 23 announced that Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Travis Langer and Zach McHale of the firm’s Institutional Properties group represented AVR Realty in the $15.6 million sale of 800 Corporate Drive in Mahwah.
The property is 100% leased to Nobel Biocare and serves as a high-precision, light assembly facility for the manufacturing of dental implant products. The CBRE team was also responsible for procuring the buyer, Urbana Partners, a South American-based investment management firm with real estate holdings throughout the United States and United Kingdom.
Nobel Biocare has occupied the space for more than 16 years, investing a significant amount of capital to build out this highly specialized 84,280-square-foot facility. The property’s immediate neighborhood has been extremely active, highlighted by an e-commerce company’s new delivery station and Volvo’s recent acquisition of the former DressBarn complex.
“AVR Realty has done a tremendous job maintaining a high-quality relationship with the tenant, as evidenced by their long-term occupancy, and have done a spectacular job managing the asset,” commented Dunne, vice chairman at CBRE. “This was made evident by the strong interest shown through the investment community.”
“The buyer was amazingly diligent in pursuing the asset because they truly understood the uniqueness of the building along with the quality of the tenant. The property is vital to the tenant’s business and provides a great addition to Urbana Partner’s U.S. portfolio,” added Neuer, CBRE executive vice president.