Most Unique/significant office sale of 2017
Cushman- Wakefield NJ
Lincoln Building Ridgewood, NJ
Size: 22,000 SF Brokers: Andrew Merin, David Bernhaut, Gary Gabriel, and Brian Whitmer Saxum Real Estate purchased the Lincoln Building, a landmark asset, and executed its full reconstruction and repositioning. Subsequently, they sold the building to a private investor. Representing the seller, Cushman & Wakefield orchestrated the almost $400 psf transaction, a near record for office space in New Jersey. The Lincoln Building deal represents a momentous tipping point in the state’s commercial real estate market and sets a benchmark for the type of new development needed in the state to meet current demand and encourage future growth. Saxum increased the rentable square footage and implemented sustainable best practices throughout the historic property’s reconstruction.
Vision Real Estate Partners
The Crossings at Jefferson Park Whippany, NJ
Size: 525,000 SF Brokers: Tom Walsh, Dan Loughlin of JLL
The Crossings at Jefferson Park’s sale from Vision Real Estate Partners and Rubenstein Partners to Barclays Capital marked the success of a benchmark suburban office campus redevelopment. A partnership of Vision Real Estate Partners (VREP) and Rubenstein Partners purchased the 65-acre, multi-tenant property in 2012, recognizing the opportunity to transform it into an experiential environment combining work, play, well-being and sustainability. The Crossings’ 2017 sale to anchor tenant Barclays Capital and additional multi-million-dollar “Barclays Village” campus redesign mark the continuation of this evolution. The new owner/occupier will maintain more than 3,000 jobs in New Jersey.
1800-1836 West Lake Avenue Neptune, NJ
Size: 48,492 SF Brokers: Fred Meyer and Jack Sudia of NAI Atlantic Coast served as exclusive broker and the Meyner and Landis Law Firm of Newark, NJ represented the seller. Saverio Cereste of Fort Lee and William Schmidt of West Orange represented the buyer in this complex sale and debt placement. An affiliate of Weiss Realty, a leading New Jersey based full-service commercial real estate and investment firm completed the purchase of 1800-1836 West Lake Avenue, Neptune for $8,600,00 in a complex 1031 transaction that was orchestrated by James Gunning, Donna Falzarano and Kyle Saviano of CBRE’s Saddle Brook office who secured the 10-year $6 million permanent loan from Natixis in just over 30 days from seller and buyer contract signing to closing a complex CMBS financing. The 3-story 48,492 SF medical and office building located at the intersection of Rte. 35 and West Lake Avenue in Neptune, NJ is leased to Hackensack Meridian Health, the Department of Treasury for the State of NJ and West Lake Pharmacy.