Gas utilities share savings, to cut bills by ProQuest

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KABR Real Estate Investment Partners




                                                                                                                      Paramus-based fund buys troubled asset from AIG
                                                                                                                      KABR Real Investment Partners LLC last week announced it acquired 85 Challenger Road, a 235,000-
                                                                                                                      square-foot Class A office building in Ridgefield Park, from insurance giant AIG.
                                                                                                                           85 Challenger Road was the first large vacant building to be put up for sale by a lender since the 1990s,
                                                                                                                      said Gary Gabriel, executive vice president at the East Rutherford office of commercial real estate brokerage
                                                                                                                      Cushman & Wakefield, which brokered the deal.
                                                                                                                           The previous owner, Westport, Conn.-based Heyman Properties — which had unsuccessfully tried for three
                                                                                                                      years to lease the building — had given the building back to the lender under a deed in lieu of foreclosure, said
                                                                                                                      Gabriel, whose firm marketed the property for three-and-a-half months before closing the deal June 1.
                                                                                                                           The property, built in 1990, had received 17 bids ranging between $6 million and $12 million, said
                                                                                                                      Kenneth Pasternak, chairman of Paramus-based KABR, a newly formed opportunistic real estate fund. KABR
                                                                                                                      paid in the upper end of that range for the property, which had an assessed value of $38 million, he said.
                                                                                                                           AIG’s sale of 85 Challenger Road was unique, Gabriel said. “We’ve seen every available attempt from all the
                                       KABR acquired 85 Challenger Road, in Ridgefield Park, from AIG. KABR            lenders that are out there to extend loans, work with borrowers and keep transactions afloat,” he said. “AIG made
                                       paid less than $12 million for the property, which is valued at $38 million.    the election to hit a market-clearing price and get their dollars back in the door and move on.” – Evelyn Lee




                                                                                    to put projects out as quickly as
Fast-track schools bid                                                                                                         Orange named N.J.’s
                                                                                    possible,” and said the contractors                                                   Deals around the state
system put on hold                                                                  association “will have to live             20th Transit Village
                                                                                    with the consequences” of delays                                                      ■ Prudential Financial Inc., in Newark, priced a public offering at
A plan to put schools construction                                                  in school projects and job cre-            ORANGE — The city was last week            $39 per share. The firm is doling out some 32 million shares to raise
projects on a faster track, with a                                                  ation. – Shankar P.                        named the state’s 20th Transit Vil-        $1.2 billion in net proceeds. Another 4.8 million shares may be
shorter bidding process, ran into                                                                                              lage, according to the New Jersey          purchased by the underwriters under a 30-day option. Prudential
trouble with a court-ordered stay                                                                                              Department of Transportation.              expects the offering to close on June 8.
last week. The Appellate Division
                                                                                    Gas utilities share                              “I congratulate the City of
of the Superior Court of New Jer-                                                   savings, to cut bills                      Orange for taking the initiative to        ■ In Demand Networks signed a multiyear distribution deal

sey asked the state Schools Devel-                                                                                             revitalize its community through           with SES Americom-New Skies, in Princeton, to deliver sports
opment Authority to put its so-                                                     The state’s four gas utilities —           transit-oriented land-use planning         television through SES satellites to cable television systems across
called “design-build” bidding                                                       PSE&G, in Newark; South Jersey             and redevelopment,” said Gov. Jon          the country. The satellites will carry NBA League Pass and MLS Direct
process on hold in response to a                                                    Gas, in Folsom; New Jersey Natural         S. Corzine, in a statement. “This          Kick programming.
petition filed by Springfield-based                                                 Gas, in Wall; and Elizabethtown            Transit Village designation can stim-
Mechanical Contractors Associa-                                                     Gas, in Union — last week proposed         ulate Orange’s economy and                 ■ Health care services company MD On-Line Inc., in Parsippany, said

tion of New Jersey.                                                                 rate reductions of between $10 and         improve [its] quality of life.”            it purchased Medical Claim Corp., of Bristol, Conn. Terms of the deal
      The court has, however, agreed                                                $48 for residential customers,                   The Transit Village initiative       were not disclosed. Both companies electronically process health
to hear arguments from both sides                                                   beginning in O
								
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