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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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SONNENBLICK-GOLDMAN ARRANGES SALE OF JP MORGAN CHASE MIXED-USE PROPERTY IN PARAMUS, NEW JERSEY |
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Monday, February 09, 2004
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Paramus, NJ
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A Chase Manhattan Bank branch and office building in Paramus, a community in Bergen County, NJ, has been purchased by a local investment group. Sonnenblick-Goldman Company arranged the sale on behalf of the seller, Grand Paramus, LLC.
Grand Paramus is controlled by Greg Silvershein, managing partner of Grand Realty Group, a Summit, NJ-based developer with interests in office, industrial and retail properties in a number of East coast and Southern states.
The property is net leased to the bank under a 25-year lease term through August 2007. The lease is guaranteed by JP Morgan Chase, the parent company of Chase Manhattan Bank, which has a credit rating of AA- with Standard & Poor’s. The lease has a flat rental stream for the remaining term with one five-year fixed renewal option thereafter.
"We are pleased to have closed another single tenant, net-lease transaction at an extremely aggressive cap rate, especially in light of the very short remaining initial lease term," says Dave Karson, vice president in Sonnenblick-Goldman’s New York office. "The level of interest and quick execution by the buyer on this transaction is further evidence of the continuing strength of the net-lease investment sales market."
Sonnenblick-Goldman is a leader in the sale of net-leased credit and non-credit single tenant properties across the country. |
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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