Colliers Brokers Major Hackensack Office Deal
- Sep 12, 2016
By Ioana Neamt
New York—Colliers International has recently facilitated the sale of a landmark office asset in Hackensack, N.J. The 650,000-square-foot Continental Plaza, located at the intersection of Route 4 and Hackensack Avenue, sold for $63 million to a joint venture between Capstone Realty Group and JD Cos., in the largest year-to-date office deal. The joint venture purchased the building from a Miami-based special servicer.
“We received more than 15 qualified offers, reflecting the overall health of the market and the continued appeal of well-located suburban office product with strong repositioning potential,” Jacklene Chesler, senior managing director & head of Colliers’ New Jersey investment sales practice, said in a statement.
Located at 401, 411 and 433 Hackensack Ave., in the Bergen County Central submarket, Continental Plaza is a two-building office complex that was 72 percent leased at the time of sale. The asset is situated directly across the street from the Riverside Square Mall, in a densely populated suburb of New York City. Completed in 1970, Continental Plaza features 2,600 parking spaces, 10 passenger elevators, standard ceiling heights and 18,000- to 23,000-square-foot floor plates, according to data collected by Yardi Matrix.
More than $16.5 million in capital improvements have been completed at the site over the past four years. The three-building property is managed by Newmark Grubb Knight Frank.
“This property’s competitive position is well secured under its new ownership, which brings with it past involvement with this asset, deep experience in the Northern New Jersey market, and an impressive track record of property turnarounds,” added Chesler.
Image courtesy of Yardi Matrix