Veterans Boulevard - SOLD
Carlstadt, NJ

Prism purchased this four-building, 80,000-square-foot, single story, industrial complex in mid-2004 with an available 1.25 acre land parcel for development. The property is situated in the highly desirable Meadowlands industrial market, less than one mile from Giants Stadium. Prism purchased the buildings and land through a relationship with the selling entities' legal counsel when two of the four buildings were vacant. The third building was occupied by Bank of America, which had a long-term lease that incorporated annual contract rent increases, however, the lease was in default due to the bank's failure to continuously operate at the property. Since the acquisition, Prism has leased the two vacant buildings and obtained a non-contingent sales contract for the vacant land from a user that intends to build and occupy a 20,000-square-foot building Additionally, Prism is entertaining lease buy-out discussions with Bank of America which will further increase the value of its equity investment in these quality industrial buildings.