Foreign Fund Makes First US Acquisition in NJ
- Nov 29, 2018
Shortly after acquiring a historic 1.2 million-square-foot asset in New York City, Normandy Real Estate Partners has sold a 115,422-square-foot office building in Roseland, N.J. Westwood Properties, an international real estate fund, paid $17.2 million for the Class A property and defeased the existing CMBS loan.
Yardi Matrix data shows that the 1980-built asset, located at 3 Becker Farm Road, underwent a $2 million renovation program in 2013. The refurbishment resulted in improved interiors, the addition of a 4,000-square-foot office component on the first floor and 26,000 square feet of second-floor space, as well as a new conference center. The property is 97 percent leased to a mix of mid-sized companies. The anchor tenants are Mandelbaum Salsburg and Tompkins McGuire.
The building is in the vicinity of corporate campuses, Bond Force Memorial Park, Becker Park and schools. Additionally, major thoroughfares such as Interstate 289 and Livingston Avenue provide easy access throughout the entire area.
Executive Managing Director Kevin Welsh, Managing Director Brian Schulz and Associate Chuck Kohaut of Newmark Knight Frank’s Tri-State Capital Markets team brokered the transaction. According to Yardi Matrix, the property previously traded in December 2012, when Normandy acquired it through a foreclosure process from Wells Fargo.
“The property’s durable cash flow and attractive yield were a highly compelling investment proposition for the buyer’s first U.S. acquisition,” Welsh said in a prepared statement. “The investor is well positioned to benefit long-term from the area’s continued transformation into a dynamic live-work-play-stay setting.”
Image courtesy of Yardi Matrix