Seoul-based Asia Investment Management (AIM) has acquired 85 Challenger Road in Ridgefield Park, N.J., making its first U.S. acquisition.
The financial terms were not disclosed, and the seller was the KABR Group.
Samsung Electronics America leases approximately 233,000 square feet at 85 Challenger Road. Samsung has occupied the property — located within the Overpeck Corporate Center — for more than 10 years. In addition to investing millions of dollars into the asset, Samsung also recently executed a lease extension.
“KABR is proud to have partnered with Samsung during the past 11 years and excited for the continued collaboration with new owners — AIM — in their first U.S. acquisition,” said Kenneth Pasternak, chairman and CEO of KABR Group.
The renewal signed by Samsung in 2019 was a reaffirmation of their continued long-term commitment to the property. Samsung has been based within The Overpeck Corporate Center in Ridgefield Park, N.J., si
