Garrison Investment Group, Onyx Equities Sell NJ Asset

The partnership sold the transit-oriented Rochelle Park property less than a year after acquiring it as part of a portfolio transaction.
395 W. Passaic St.

Ramaa Management has acquired 395 West Passaic St., a 107,969-square-foot office building in Rochelle Park, N.J. The seller was a joint venture between Garrison Investment Group and Onyx Equities.

Located on 3.1 acres near the intersection of routes 17 and 4, the property has direct access to the highly transited Garden State Parkway. New York City is 20 miles away, while multiple nearby parks, eateries, retailers, accommodation options and banks surround the building.

The four-story property features flexible floor plates, a café and covered parking.  At the time of sale, 395 West Passaic was 80 percent leased to eight tenants, including Tenaglia & Hunt, ORBCOMM and Sunteck Transportation.

A Cushman & Wakefield team comprising Andrew Schwartz, David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer, Andrew MacDonald, David DeMatteis and Mark Zaziski brokered the transaction.  

Activity in the Route 17 South submarket has been decidedly bullish, with decreasing vacancy rates and increasing average asking rents,” Bernhaut said in a statement. 

Schwartz added: “This property stood out with exceptional curb appeal and features like covered executive parking, flexible floor plates and the option to add a Class A amenity package in order to drive lease-up and rent growth.” 

According to Yardi Matrix, the asset previously changed hands in August 2017, when Garrison Investment Group and Onyx Equities purchased it for $5 million as part of a four-building portfolio transaction.

Image courtesy of Yardi Matrix