Pair of NJ Office Buildings Trade for $21M
- Aug 09, 2017
Alma Realty has acquired two Secaucus, N.J., office buildings totaling 212,666 square feet of space. The properties changed hands in a $21 million deal and were purchased out of foreclosure from special servicer Rialto Capital, Yardi Matrix data shows. The previous owner defaulted on a $24.1 million loan and the transaction was brokered by CBRE.
Diverse tenant roster
The properties are located at 150 and 200 Meadowlands Pkwy., and were built in 1980. They are 77 percent leased and have a 41,400-square-foot vacancy. The assets house the headquarters of Schiavone Construction and VXchange’s data center. Other tenants include Ashley Stewart, Cory 1st Choice Home Delivery, Image Processing Systems and Frontage Laboratories.
Located in the immediate proximity of routes 3, 5 and 395, and the New Jersey Turnpike, the facilities provide tenants with easy access throughout the area. The New Jersey Transit bus and Secaucus Junction Station link the area to Manhattan, which is 15 minutes away. Nearby amenities include retailers, eateries, hotels and residential communities.
CBRE Institutional Properties Vice Chairman Jeffrey Dunne and Senior Vice President Jeremy Neuer, assisted by Senior Vice President Geoffrey Schubert, represented both parties in the transaction.
“150 & 200 Meadowlands is highly proximate to the Lincoln Tunnel and Manhattan and provides secure cash flows from long term leases along with opportunity to grow NOI through further lease up,” Dunne said in a prepared statement.
Dunne and Neuer also recently brokered the sale of New Jersey office asset 4 Becker Farm Road in Roseland.
Image courtesy of Yardi Matrix