Jersey City Office Building Sells for $20M
- Jun 21, 2017
Full-service real estate firm Rhodium Capital Advisors purchased an eight-story, 85,000-square-foot office building for $20 million. The asset is located at 600 Pavonia Ave. in Jersey City, N.J. and the owner has embarked on a $3 million renovation program that involves capital expenditures and tenant improvements.
According to PropertyShark, the building was constructed in 1991 and sits on a 0.2-acre parcel, located in the city’s Journal Square neighborhood. The asset is bounded by residential towers and new developments such as One Journal Square, 3 Journal Square and 30 Journal Square. Neighboring amenities include banks, schools and eateries. Transportation is facilitated by the Journal Square PATH station and New York City is a 15-minute drive away.
Tenants include Labcorp, Pavonia Surgery Center, the Institute for Health Education and Hudson Eye Physicians & Surgeons, to name a few.
“We are pleased to have been able to not only acquire this prime property, but also to have immediately improved its value by securing leases with a diverse mix of new commercial tenants,” Rhodium Capital Advisors Managing Principal Daniel Shragaei said in a prepared statement. “By leveraging our vast experience and relationships across both real estate and finance, we expect to execute similar value-add strategies at additional properties in Jersey City and other emerging corners of the New York Metro area.”
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