June 14, 2017
Key Properties finally assumed full ownership of 270 Market St. in Saddle Brook, NJ — 25 years after the firm brought a ground lease to the property in the mid-1980s.
“This property had a very complex, multi-layered ownership structure including the land lease, a master tenant and multiple subtenants,” said David Schlussel, co-managing partner for Key. “Over the years, we have purchased these different layers – one piece at a time – to gain greater long-term control. The last hurdle involved the acquisition of 270 Market Street’s fee position.”
The property includes a fully-occupied, 78,000-square-foot building that serves as home to United Supply Corp.
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