Marcus Partners Announces Acquisition of 8 King Road, a 200,000 sf Diagnostic Laboratory Facility in Rockleigh, New Jersey
Marcus Partners is pleased to announce the acquisition of 8 King Road, a two-building 200,000 square foot diagnostic laboratory and office property located in Rockleigh, NJ, on behalf of MCP 8 King Road LLC.
Marcus Partners will execute a $30 million capital improvement program on behalf of the existing tenant, Spectra East, Inc., to upgrade all building infrastructure and restack and expand Spectra into the entire facility under a new long term lease arrangement.
“Due to our existing long term relationship with Marcus Partners and their investment and development expertise, we felt it prudent to partner with them to work through the process,” said Nick Brownlee, President of Spectra East. “We look forward to working with them to expand 8 King into a best in class facility.”
Upgrades to 8 King Road will include new Class A finishes to the lobbies and common areas, laboratory and warehouse expansion, façade enhancements, roof replacement, HVAC and backup power generator replacements, and site and parking lot improvements. Marcus Partners has taken over the management of the property and will provide development and construction management services during all phases of the renovation project.
David Fiore, Principal of Marcus Partners, said, “This acquisition fits in well with our investment strategy of purchasing good quality, well located commercial real estate at a reasonable basis, and with an opportunity to add value.” Mr. Fiore added, “We continue to seek commercial investment opportunities, including fee simple acquisitions, ownership restructurings and note purchases, in office, medical, biomedical, R&D and industrial assets throughout the East Coast markets and specifically in the Connecticut, Northern New Jersey, Westchester and Long Island markets, as we look to expand our Tri-State asset portfolio. This acquisition has the added benefit of being our first major foray into the Northern New Jersey market – a market presence we wish to expand further over the next few years.”
8 King Road is conveniently located in the Rockleigh Corporate Park, ½-mile west of the Palisades Parkway, and 4 miles south of the Tappan Zee Bridge, and is highly accessible to an abundant, technically skilled microbiological, chemical and diagnostic laboratory workforce.
Marcus Partners has been actively growing through various types of acquisitions along the East Coast over the past 24 months, with 13 transactions in the Boston, Miami, Atlanta, Washington, D.C. and Suburban NYC markets totaling over 1.8 million square feet of office, bio-medical, medical office, R&D, and industrial space. This transaction brings Marcus Partners’ portfolio of properties owned and managed by its affiliates to 5.3 million square feet.
May 2013