CBRE announced the sale of 100 Hamilton Plaza in Paterson for $15.3 million. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer and Zach McHale of CBRE Institutional Properties represented the seller, Mountain Development Corp., and also procured the buyer, a private investor based in New York City.
At over 90% leased, 100 Hamilton Plaza is a 181,995 square feet Class A office building located at the center of Paterson’s central business district and is a stable investment in an improving community. The 14-story building offers tenants 360-degree, unobstructed views of the surrounding areas as well as New York City. Situated one block from the Paterson NJ Transit Train Station and less than one mile from Interstate 80, tenants enjoy exceptional connectivity to the region. The property’s location and its importance as the City of Paterson’s leading office building have been paramount with respect to tenant retention, with 54% of the current tenants having been in occupancy for over twenty years.
“A tenant remaining at the same location for over twenty years is rarely seen in today’s ever-changing office market,” said Jeffrey Dunne, Vice Chairman, CBRE. “Mountain Development was able to obtain and maintain this level of occupancy and commitment to the building through their focus on tenant relations and their high property management standards.”
“The building’s occupancy has averaged 95% for over ten years and is anchored by The State of New Jersey. Clearly, the buyer will enjoy a stable, high credit cash flow stream,” added Jeremy Neuer, Executive Vice President, CBRE. “From the beginning of the process, the buyer understood that this was a truly unique opportunity and acted aggressively to separate themselves from the competing bidders.”
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