Local Investor Grabs 140 KSF NJ Office Asset

Highstone Equity Group has retained Avison Young to continue leasing the available space at its recently purchased property in Ramsey, N.J.
500 N. Franklin Turnpike, Ramsey, N.J.
500 N. Franklin Tpke., Ramsey, N.J.

TA Associates Realty has sold a 140,000-square-foot office building in Ramsey, N.J., to Highstone Equity Group. According to public records, the sale was financed by a $12.6 million loan from New Jersey-based Shem Creek Capital.

The property is located at 500 N. Franklin Tpke., and features an open-air central plaza, on-site management and covered parking with 685 parking spaces. Additionally, the asset is strategically located near major roads such as Route 17, Interstate 287 and the New York State Thruway. Neighborhood amenities include hotels, conference facilities, retailers and eateries.

Planned renovations

Despite the change in ownership, Avison Young Senior Vice Presidents Marc Krieger and Steven Geltzeiler will continue as leasing agent, with the remaining vacant space available for tenancies ranging from 1,500 to 58,000 square feet. Krieger also recently brokered a 50,000-square-foot office lease in Allendale, N.J.

The new owner plans to make renovations to the properties and add modern amenities, “as well as structure leasing transactions that will compete favorably in the marketplace. The Ramsey submarket is an attractive location for a variety of businesses and 500 N. Franklin Tpke. is poised to take advantage of this interest,” Krieger said in a prepared statement.

The building previously changed hands in 2007, when TA Associates Realty acquired it from Raia Properties for $29.8 million, Yardi Matrix data shows.

Image courtesy of Yardi Matrix