The office and life sciences building that houses Spectra Laboratories in Bergen County has new ownership, following a sale of the property brokered by CBRE Group Inc.In a news release, the real estate services firm said it represented a fund managed by Marcus Partners, Marcus Capital Partners Fund I, in the sale of 8 King Road in Rockleigh. CBRE also procured the buyer, Charter Realty Group, which purchased the 204,495-square-foot property as part of a 1031 exchange.

Jeffrey Dunne, Kevin Welsh and Brian Schulz of CBRE Institutional Properties represented the seller in collaboration with Lee Asher and Chris Bodnar of CBRE’s Healthcare Capital Markets Group, the news release said. The sale comes after Marcus Partners completed a major redevelopment of the property, which included new labs and testing facilities, new mechanical infrastructure and aesthetic enhancements.

“The sale of 8 King Road marks the end of a highly successful repositioning strategy and execution by Marcus Partners,” Dunne said in a prepared statement. “Charter Realty Group was attracted to Spectra’s investment-grade credit and substantial investment in the property and will benefit from secure long-term cash flow.”

The building is 100 percent net leased to Spectra Laboratories on a long-term basis and guaranteed by its parent company, Fresenius Medical Care Holdings Inc., the news release said. The property serves as Spectra’s testing facility for the eastern half of the U.S.