BASKING RIDGE, N.J., April 3, 2018 - A three-building office park in Basking Ridge has traded in a sale orchestrated by Cushman & Wakefield's East Rutherford, N.J., investment sales team. Cranford, N.J.-based Signature Acquisitions purchased 106, 110, and 150 Allen Road from The Silverman Group.
The assignment was led by Cushman & Wakefield's Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer and Frank DiTommaso II.
Located immediately off of I-78 at Exit 33, the Park totals 524,260 square feet throughout three, four-story buildings. The Class-A buildings were acquired in three separate transactions since 2010 and have been rebranded as The Offices at Liberty Corner. Each of the buildings caters to a range of tenant sizes and uses, featuring renovated common areas, covered parking options, on site food service, extensively landscaped grounds and outdoor seating areas.
"The Portfolio features a diverse, credit-laden rent roll with over 40 tenants offering numerous synergies from shared amenities and multiple price points for occupiers," noted Gabriel. "Prior ownership capitalized on the flexibility of the park, and its amenities, and was able to consolidate and expand a number of tenants," he added.
"The I-78 corridor, particularly at Exit 33, remains of interest to globally recognized companies seeking quality office space near amenities and conveniences. This is evidenced by the Park's occupancy, which increased from 93% to near-full during the short time the Park was marketed for sale," added DiTommaso.
This particular location draws from a well-educated labor pool and provides access to executive housing. Within a 3-mile radius of the Park, average household income is over $200,000. As a result, Basking Ridge and the immediately surrounding areas continue to maintain their elite status among New Jersey's office submarkets.
Cushman & Wakefield's leasing experts Bill Brown, Ben Brenner and MariaGrace Iantosca assisted in the sale and will continue to serve as exclusive leasing agents on behalf of Signature Acquisitions.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Evelyn Weiss Francisco