Mid Atlantic Real Estate Journal — New Jersey — February 14 - 27, 2014 — B
www.marejournal.com
YNDHURST, NJ — Commercial real es- tate servi ces f i rm L Cityview Corporate Center in Meadowlands Cushman & Wakefield completes sale of 135,418 s/f N ew J ersey
Fairfield Corporate Park, Fairfield, New Jersey
FOR LEASE 32,000 Square Foot Industrial Building
Cushman & Wakefield has completed the sale of Cityview Corporate Center located at 160 Chubb Ave. in Lyndhurst, NJ. The firm’s Metropolitan Area Capital Markets Group (CMG) team of Andrew Merin , David Bernhaut , Gary Gabriel , Brian Whitmer and Nick Karali represented the seller, working in conjunction with Cushman & Wakefield’s Cur- tis Foster. Rugby Realty Co. Inc. of New Rochelle, NY, purchased the property. The three-story office build- ing totals 135,418 s/f on 8.36 acres with direct access to Routes 17 and 3. Originally constructed in 1979, the prop- erty was taken down to the steel and renovated in 2006, with common areas upgraded again in 2012. This provided a uniquely high-quality offer- ing for the Meadowlands mar- ket, according to Cushman & Wakefield’s Gabriel. “Cityview clearly outper- formed the marketplace with respect to leasing achieve- ments,” he noted. “It is now 80% leased and is easily considered to be one of the best buildings in the neigh- borhood.” Gabriel described the trans- action as a counter-cyclical office investment that is also a positive sign for the sub- urban office markets of New Jersey. “Investors had become less enthusiastic about in- vestment in suburban office markets through the past recession, and it is a good sign to see them venturing back to seize opportunities like this,” he said. “We are very happy with this transaction,” said Mau- rice Ades, managing partner at Rugby. “It is the 15th prop- erty we have acquired in the last 24 months, and we be- lieve the first of many for the New Jersey office market.” “The property offers an at- tractive design and versatile layout while the location has tremendous access to ma- jor highways and markets,” added Curtis Foster. “In addi- tion, the availability of public transportation and nearby Newark Liberty Airport have been key factors for new ten- ants.” The company leased a total of 25,000 s/f during 2013 for three new tenants. n
* Warehouse/Manufacturing * 6,000 Square Feet Office – Can be reduced * 20 Ft Ceiling Height / 4 Tailgate Doors / 60+ Car Parking * Attractive rental rates and terms available.
S HELDON GROSS REALTY, INC. REALTORS Ɣ Corporate Real Estate Services 80 Main Street, West Orange, NJ 07052 Tel.#973-325-6200 - Fax.#973-325-9090 E-mail: sgross@sheldongrossrealty.com
160 Chubb Ave.
1,600,000 SF
To Be Built Dayton, NJ (732) 287-4880
Lease with the
Market Leader
205 Mill Road, Edison NJ 08837 (732) 287-4880
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