Sterling American Property nabs massive complex

Price per square foot hits $165

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Sterling American Property Inc. recently acquired a two-building office complex in Fairfield, N.J. The value of the transaction was approximately $42.8 million. Corporate Office Properties L.P., an entity controlled by Corporate Office Properties Trust, sold the 258,657-square-foot property, which is located at 695 & 710 Route 46. At the time of sale, the portfolio was 84.6 percent leased to a diverse mix of quality tenants. The five largest tenants of the portfolio included ADT Security (40,877 square feet); North Fork Bank (34,267 square feet); JP Morgan Chase and Co. (24,282 square feet); and Morgan Stanley/Dean Witter (18,648 square feet). Sterling American Property Inc. is a real estate investment affiliate of Sterling Equities and American Securities LP. ...