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. [more]