The firm, which buys and renovates distressed properties, relocated this month to 100 Challenger Road from a nearby site in the Overpeck Centre complex, according to a news release. The 4-year-old company has taken 13,000 square feet for its new space and is now making improvements to lure new tenants to the 150,000-square-foot building.
The move comes after KABR’s purchase of the building, its latest acquisition in the 60-acre office park along the New Jersey Turnpike. The firm acquired 100 Challenger Road this summer from Hartz Mountain Industries for a reported $8.5 million.
KABR’s first deal in Overpeck Centre came in 2009 with 85 Challenger Road, a 235,000-square-foot building that was vacant and overleveraged when the firm acquired it for less than one-third of its assessed value. It quickly lured Samsung to move its U.S. headquarters there
, from across the street, in part by offering below-market rents to the electronics retailer.
The building also is where KABR kept its headquarters before moving up the road.
KABR also has acquired 55 and 65 Challenger Road since moving into the complex, the news release said. All told, it manages more than 3.5 million square feet of office space and 3,000 apartment units.