Real Estate Journal — May 30 - June 12, 2014 — 3A


M id A tlantic

M id A tlantic R eal E state J ournal A 105,074 s/f class A office building CBREGroup, Inc. announces$18.1m sale of 1467 Route 31 in Annandale

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A NNANDALE, NJ — CBRE Group Inc. announced that J ef- frey Dunne , Kevin Welsh , Brian Schulz and Frank Maresca of CBRE’s New York Institutional Group represented CBRE Global Investors in the $18.1-mil- lion sale of 1467 Route 31, in Annandale. The team was also responsible for procur- ing the buyer, American Realty Capital Proper- ties, Inc. (“ARCP”) . A 105,074 s/f class A of- fice building, 1467 Route 31 is was developed in 1999 as a build-to-suit for In- gersoll Rand (S&P BBB). Constructed to the highest institutional standards and using best in class materi- als and finishes, the build- ing was designed to meet Ingersoll Rand’s unique needs including highly spe- cialized lab facilities, heavy infrastructure and testing facilities. The property is 100% net- leased as the global head- Binswanger nego- tiates long-term, 20,479 s/f lease BALA CYNWYD, PA — Binswanger announced the execution of a 20,479 s/f lease at 401 City Ave. in Bala Cynwyd, with LF Driscoll Co, LLC. 401 City Ave., the class A trophy office building has secured a long-term lease with LF Driscoll who has been headquartered in Bala Cynwyd for over 20 years. Binswanger represented LF Driscoll as a tenant repre- sentative, as well as the leas- ing agent. Nick Sannelli , vice president, Binswanger, along with Josh Haber , represented the tenant. Scott Gabrielsen , presi- dent, Binswanger Commer- cial Metro, who represented the owner. The 400,000 s/f building is now close to 95% leased. n 401 City Ave., Bala Cynwyd, PA

1467 Route 31, Annandale, NJ

quarters for Ingersoll Rand Tools, which recently com- mitted to an additional 10- year lease term. Ingersoll Rand chose this location due to its immediate access from I-78 and its employee base in Central New Jersey and

Eastern Pennsylvania. Kevin Welsh said, “The property provides ARCP with a long-term net lease secured by the investment grade ten- ancy of Ingersoll Rand within a corporate headquarters- quality building.” n

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