JV ACQUIRES $14.7 MILLION OFFICE BUILDING
WEST CARTERET, N.J. — A joint venture between Stamford, Conn.-based RiverOak Investment Corp. and Cofinance has acquired the former Pathmark headquarters building in West Carteret for $14.7 million. Situated on 12.24 acres at 200 Milik St., the property contains a two-story, 150,000-square-foot, Class B office building. Pathmark has vacated the property, but its lease runs until the end of 2011. In the meantime, Pathmark has signed an agreement with the new owners that permits them to sublease the space for the duration of Pathmark’s term. The buyers also plan to invest in a capital improvements program to lease up the property. The joint venture acquired the property from entities controlled by Lexington Property Investors. The acquisition of the former Pathmark building marks the fourth acquisition made on behalf of RiverOak Investment Fund IV, a $26 million, value-added real estate fund started by RiverOak in 2007.