S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
M id A tlantic
CBRE team represents seller, Tulfra Realty II, and procures buyer, J & L Real Properties CBRE Group announces the $27.3m sale of a Clifton industrial portfolio totaling 288,469 s/f
Central SPOTLIGHT HI-LIGHTS Bergman RE Group acquires 112,000 s/f office building 5-11B L I FTON , NJ — CBRE Group Inc. announced that Jef- frey Dunne , Kevin Welsh , Brian Schulz and Frank Maresca of CBRE’s Insti- tutional Properties along with Michael Hines , Brian Fiumara and Brad Ruppel of CBRE’s National Partners, as well as Bill Waxman of CBRE’s Saddle Brook office, represented Tulfra Realty II, LLC in the $27.3 million sale of 10 Clifton Blvd., which C FEBRUARY 13 - 26, 2015
EAST HANOVER, NJ – HFF announced that it has closed the $10.95 million sale of Eagle Rock Executive Office IV, a 177,820 s/f, class A office building in East Hanover, a township in northern New Jersey 15 miles northwest of Newark. HFF marketed the property on behalf of the seller, Grif- fin Capital Essential Asset REIT, Inc. (GCEAR) . Boxer F3, LLC purchased the prop- erty free and clear of existing debt, and Boxer Property will manage and lease the building. The three-story Eagle Rock Executive Office IV is situated on 15.25 acres at 120 Eagle Rock Ave. in the northern New Jersey office market, which is the sixth largest office market in the U.S. The asset is part of the three-building Eagle Rock Executive Park and has The Portfolio is comprised of two multi-tenant industrial buildings totaling 288,469 s/f (10 Clifton – 144,005 s/f and 200 Clifton – 144,464 s/f) which were redeveloped by Tulfra in 2004. The extensive capital improvement program was highlighted by new roofs, HVAC, loading, façade, ex- tensive site work and land- scaping. The redevelopment strategy focused on creating attractive curb appeal along with flexibility and function- ality of the buildings to target 5,000 to 25,000 s/f tenants. This strategy resulted in closed in September 2014. In addition, the combined team closed the sale of 200 Clifton Blvd. in January 2015. Both properties are located in Clifton (collectively referred to as the “Portfolio”). The team was also responsible for procuring the buyer, J & L Real Properties, LLC , which was a first time buyer in New Jersey.
full-service cafeteria and adja- cent pond with fountains. Ten- ants include Prudential; GfK US Holdings; CAI; Fishman McIntyre; PC; and John Van Deusen & Associates. The HFF investment sales team was led by senior man- aging director Jose Cruz , managing director Kevin O’Hearn , senior real estate analyst Marc Duval and sup- ported by senior managing director Andrew Scandalios . “Boxer’s purchase of 120 Eagle Rock allows them to be- gin their expansion into New Jersey with a class A asset in growing Morris County,” Cruz said. “Boxer performed exception- ally well and GCEAR and its sponsor, Griffin Capital Cor- poration, were pleased with the disposition of this non-core asset,” O’Hearn said. n asset performed very well for us over our 10-year hold period. We strongly believe in the NJ industrial fundamen- tals and saw this as an oppor- tunity to redeploy the capital into our value add business and recently acquired 65 In- dustrial Street South, the for- mer Glaxo building in Clifton, NJ. Situated on 11 acres the single-story headquarters- quality industrial building totals 201,000 s/f. We will be marketing the property for lease or sale to a single tenant and anticipate a great deal of interest in this offering.” Welsh said: “The sale of 10 & 200 Clifton to a private in- vestment group from theWest Coast is a prime example of private capital searching for yield and broadening their investment parameters. J & L Real Properties was highly attracted by New Jersey’s strong industrial fundamen- tals and the returns provided by this asset class.” n
10 Clifton Blvd.
Portfolio provides stable and secure cash flow with a bal- anced rollover schedule and contractual rental increases providing increasing yield over the hold period. Sonny Jumani , president at Tulfra Realty, said: “This
the lease-up from 15% to 100% occupancy in approxi- mately 12 months to a diverse group of tenants that have heavily invested in their infrastructure and benefit from excellent access to a deep low cost labor base. The
Eagle Rock Executive Office IV at 120 Eagle Rock Ave. marketed on behalf of GCEAR HFF closes the $10.95 million sale of a 177,820 s/f class A office building in East Hanover, NJ
Bridge Dev. expands with acquisition of 18.03 acres in Union
ALSO INSIDE CREW NJ.............................. 16B www.marejournal.com 5B
Eagle Rock Executive Office IV
frontage along I-280 and is accessible via Eisenhower Parkway and Ridgedale Ave.
The building features a gran- ite and reflective glass curtain wall facade, two-story atrium,
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