SUCCESS
STORIES
DEAL SUMMARY
AIRPORT PARK
Airport Park consists of two connected office buildings located directly across from the Morris County Airport and sit conveniently just off the intersection of Route 24 and Columbia Turnpike in Hanover Township. The office park is located one exit north of Short Hills / Chatham, the premier market in the New Jersey historically achieving the highest rents.
| Date of Acquisition: | December 19, 2005 |
| Purchase Price: | $11,000,000 |
| Date of Disposition: | May 12, 2006 |
| Sale Price: | $13,650,000 |
| Hold Period: | 5 months |
AIRPORT PARK
MORRISTOWN, NJ
Textbox Section
The property was acquired from our capital partner to facilitate a 1031 exchange requirement. Not only were we able to successfully complete the exchange but also achieve a 50 percent return on their original invested capital when we purchased the portfolio. (e.g. a $100,000 returned $150,000 plus gained the benefit of long-term capital gains treatment).