4B — April 10 - 23, 2015 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey
Hornrock continues trailblazing investment approach Hornrock Properties acquires 220,877 s/f former Sony headquarters
ARK RIDGE, NJ —As part of an aggressive push to expand and diversify its portfolio of real estate properties, Hornrock Properties announced that it has acquired One Sony Dr. in Park Ridge from Sony Electronics Inc. Hornrock also came to an agreement with Sony to lease back a portion of the space in the building. The deal is indicative of the Paramus, NJ-based privately- run real estate development firm’s strategic acquisition program. Led by Maurice and David Hornblass , Hornrock P
to our New Jersey portfolio and is consistent with our invest- ment philosophy of acquiring assets that are located in dis- tinguished towns and present value-add opportunities,” said David Hornblass, a principal of Hornrock Properties. “One Sony Drive is a perfect example of the type of property we look to purchase, and its ac- quisition was the result of our reputation as a developer and our ability to transact quickly,” said Maurice Hornblass, an- other principal of Hornrock Properties. “The asset is one of the most recognizable busi- ness addresses in northern New Jersey and its location in an affluent, business-friendly area will be extremely attrac- tive to commercial tenants. Utilizing our extensive net- work of industry resources and relationships, we completed this transaction in a timely manner that was beneficial to both buyer and seller.” n Marcus &Millichap arranges the sale of 13,500 s/f PATERSON, NJ — Mar- cus & Millichap announced the sale of Family Dollar (+ Upside), a 13,500 s/f net-leased property located in Paterson, according to Brian Hosey , regional manager of the firm’s New Jersey office. The asset sold for $2.7 million. Alan Cafiero and Ben Sgambati , vice presidents investments together with Da- vid Cafiero , an associate, all in Marcus & Millichap’s New Jersey office, had the listing to market the property on behalf of the seller, a developer. The buyer, a private investor, was secured and represented by Jerry Swon , an investment specialist in Marcus & Millic- hap’s Manhattan office. The property is located at 181 Straight St. The building was constructed in 2013 and rests on 0.42 acres of land. It resides in a very dense urban area with a population exceeding 539,000 within five miles and over 67,000 within one mile. Furthermore, the property offers convenient ac- cess to I-80 as well as Rtes. 19 and 20. Family Dollar, a ground floor tenant, just signed a new 10- year corporate net lease agree- ment. Additionally, the second floor offers a potential upside due to a vacant 4,500 s/f office. n
Properties has implemented a trailblazing investment ap- proach that centers on acquir- ing value-added assets and executing responsible develop- ment and operational practices that fully maximize return on investment. The acquisition brings a 220,877 s/f, class A, head- quarters quality building into Hornrock’s growing portfolio of real estate assets. The building sits on 37.2 acres of pristine land located in the heart of upscale Bergen County. “The acquisition of One Sony Drive is an excellent addition
One Sony Dr.
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