TAK Group, Bergen Real Estate Snag NJ Office Building
- Apr 23, 2018
A structured joint venture between TAK Group and Bergman Real Estate Group has acquired 365 W. Passaic St., a 218,500-square-foot, Class A multi-tenant office property in Rochelle Park, N.J., from Onyx Equities and Garrison Investment Group, in an off-market trade.
“We are extremely excited about our purchase due to the attractive location within the strong Bergen County submarket and proximity to major thoroughfares and New York City,” Kenny Desai, TAK Group’s president, said in a prepared statement. “We plan to execute a substantial capital improvements strategy, including lobby, café and amenity renovations to enhance the quality of the asset and the tenant experience.”
Colliers International NJ LLC represented the seller and procured the buyer in the transaction.
“This is a well-located, quality office property with significant upside potential via lease-up of its available space,” Jacklene Chesler, Colliers International’s executive managing director, said. “The price provides the new buyer with an attractive opportunity to leverage its value-add position.”
Located at 365 W. Passaic St., the five-story building is currently 77 percent occupied to a tenant roster that includes companies from the retail, health-care, financial services, engineering, transportation and other professional service industries.
The property features a full-service café, building Wi-Fi, bike storage and ample parking.
Rising Interest in Bergen County
Onyx and Garrison initially acquired the N.J. office asset last September as part of a Bergen County portfolio purchase from Mack-Cali.
“All parties demonstrated a laser focus to get this closed in a very short time frame,” Chesler said. “There was merely a three-week window from the time the deal went under contract to the closing date. The professionalism and efforts by both seller and buyer and the lenders to close in this record time were evident in every step of the transaction.”
The building is located about a half mile from the Garden State Plaza, proximate to the Garden State Parkway, I-80, and routes 46, 17 and 4. It also offers convenient access to major thoroughfares, and an extensive mass transit infrastructure with multiple bus, train and air options in the immediate region.
The Colliers’ investment sales team also consisted of Patrick Norris, Matthew Brown and Angelo Vitale.
According to Colliers’ most recent office market outlook for Bergen County, the area continues to be a strong target for office investments. The region is a long-time darling for corporate space users, with an average household income of approximately $120,000.
Image courtesy of Colliers International