800 Corporate Drive in Mahwah — Courtesy: CBRE
By Joshua Burd
A foreign investment firm has acquired a light manufacturing facility in Mahwah for $15.6 million, under a newly announced transaction by CBRE.
Brokers with the firm represented the seller, AVR Realty, in its disposition of 800 Corporate Drive. A buyer listed as Urbana Partners purchased the 84,280-square-foot facility, which is fully leased to Nobel Biocare and serves as a high-precision, light assembly facility for dental implant products.
“AVR Realty has done a tremendous job maintaining a high-quality relationship with the tenant, as evidenced by their long-term occupancy, and have done a spectacular job managing the asset,” CBRE Vice Chairman Jeffrey Dunne said. “This was made evident by the strong interest shown through the investment community.”
Dunne brokered the sale alongside Jeremy Neuer, Steve Bardsley, David Gavin, Travis Langer, and Zach McHale of CBRE’s institutional properties team. They noted that Nobel Biocare has occupied the space for more than 16 years and has invested a significant amount of capital to build out the highly specialized facility.
“The buyer was amazingly diligent in pursuing the asset because they truly understood the uniqueness of the building along with the quality of the tenant,” said Neuer, an executive vice president with CBRE. “The property is vital to the tenant’s business and provides a great addition to Urbana Partner’s U.S. portfolio.”
The buyer is a South American-based investment management firm with real estate holdings throughout the United States and United Kingdom, CBRE said. The brokerage team also highlighted other activity around the site, including an e-commerce company’s new delivery station and Volvo’s recent acquisition of the former DressBarn complex.
