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Konica Minolta N.A. Sells Two-Building Business Solutions HQ in Leaseback Deal

LCN Capital Partners Pays $48M for Ramsey Offices
May 1, 2018
New York-based private equity firm LCN Capital Partners acquired the two-building Konica Minolta Business Solutions (KMBS) headquarters campus at 100-133 Williams Dr. in Ramsey, NJ from Konica Minolta North America, the U.S. arm of Japanese technology company Konica Minolta.

The purchase price of $47.5 million equates to roughly $171 per square foot. The seller immediately leased back the campus from the new owner on a triple-net basis through September 2034.

The campus is comprised of a 106,400-square-foot office building and 171,542-square-foot supporting industrial and manufacturing building that were delivered in the 1980s on 18.9 acres in the Northwest Bergen County / North 17 Corridor submarkets. The properties total 277,942 square feet.

Prior to the sale, Konica Minolta completed an acquisition of the industrial facility, which was separately owned by Prestige Management Services Inc., an affiliate of luxury auto dealer Prestige Motors. Dan Foley of Savills Studley in Rutherford, NJ served as broker for Prestige in this initial transaction.

Richard Baumstein and Marc Graham, based in Cushman & Wakefield’s East Rutherford, NJ office, serve as national real estate advisors for Konica Minolta. They were joined in the transaction by Cushman & Wakefield sale-leaseback specialists Ben Cooper and Peyton Horn in Manhattan.

Please see CoStar COMPS #4215530 for more information on this latest sale.

KMBS, which provides document management, IT services and office systems solutions like printers and copiers, previously said it would invest $20 million and create 400 jobs in a strategic assignment fueled by a $29 million Grow New Jersey grant.

A representative for KMBS noted that they're getting out of owning real estate, though the company still owns an 85,000-square-foot flex building at 101 Williams Dr. Plans call for relocating warehouse operations housed there to 133 Williams and replacing a portion of that building with additional office space and a parking structure. The new, unified campus will accommodate up to 400 jobs, according to a corporate release, including the relocation of administrative functions and closing its distribution operations in Windsor, CT.

"Konica Minolta’s presence in this neighborhood dates to the early 1970s, when 101 Williams Drive was built," said Baumstein. "The company’s various mergers and expansions into new product lines - including smart office technology products, industrial printing and managed services - are driving significant growth. This series of calculated moves paves the way for Konica Minolta to create an exciting, modern work environment while gaining efficiencies and accommodating future growth - all while remaining in place."

With additional reporting by Neil Matthee
and Justin Sumner with CoStar Group, Inc.
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