A subsidiary of Cole Corporate Income Trust, Inc. has agreed to acquire 55 Corporate Drive in Bridgewater, NJ, the four-story, 205,439-square-foot class A office building built-to-suit for Sanofi–Aventis U.S. Inc.
The gross purchase price is $72,314,528, exclusive of closing costs.
The Sanofi Property delivered in 2011. The seller is 55 Corporate Unit IV LLC.
Sanofi–Aventis U.S. Inc. currently pays $4,519,658 in annual base rent at the building, or $22 per square foot. Sanofi–Aventis U.S. Inc. also occupies the adjacent 670,000 square feet of office space in three buildings in the 149-acre corporate park, according to the Mack-Cali website.
Cole has paid a $1.8 million deposit on the acquisition. An additional $1.8 million deposit will be due prior to acquisition, which is expected to be completed next Monday, April 22, 2013.