NJ opportunity fund buys AIG building

American International Group sold a New Jersey Class A office tower it acquired in a foreclosure proceeding to a new opportunistic partnership based in Paramus.
 
KABR Real Estate Investment Partners, formed in 2009, bought the entirely vacant 235,000-square-foot office building at 85 Challenger Road in Ridgefield Park.
 
The price was not disclosed, but it was an all-cash deal on the building which did not have a mortgage, said Laurence Rappaport, CEO of KABR.
 
“We feel we got a very good deal,” he said. His company was one of 17 bidders on the property, he said.
 
The sale was brokered by Cushman & Wakefield’s Metropolitan Area Capital Markets Group, KABR said.
 
KABR does not yet have a tenant for the building. This is the second purchase the partnership has made. Earlier this year it bought three multi-family apartment buildings in the Bronx with a partner, Rappaport said.