NJ Office Asset Changes Hands in Cushman & Wakefield Brokered Sale

On May 6, 2016

Bergman Real Estate Group has sold 100 Eagle Rock Avenue in East Hanover to Zeinvest Real Estate Group in a sale orchestrated by Cushman & Wakefield’s Metropolitan Area Capital Markets Group. Situated on 8.6 acres within New Jersey’s “Wealth Belt,” this 90,339-square-foot, three-story Class A building drew strong interest from the regional investment community.

The property is 79 percent leased to 11 tenants across various industries – including business consulting, engineering, finance, healthcare, insurance and real estate – and has a strong history of tenant retention..

“100 Eagle Rock Avenue offers stable cash-flow with upside potential,” noted Cushman & Wakefield’s David Bernhaut, who headed the assignment with Andrew Merin, Gary Gabriel, Brian Whitmer and Andrew Schwartz. “In a market with significant vacancy in bigger buildings with large floor plates, this offering provided a very viable office investment. 100 Eagle Rock Avenue is perfectly sized for this niche market, with easy divisibility that enables it to accommodate tenants from as small as 1,000 square feet to those over 30,000 square feet.”

“This is our second sale of this property in less than two years,” explains David Bernhaut. “We originally sold the property to Bergman Real Estate Group in August 2014, who did a nice job repositioning the asset by stabilizing the occupancy and upgrading common areas throughout the building. Now Zeinvest can benefit from the stabilized cash flow and concentrate on leasing up the remaining vacancy.”

100 Eagle Rock Avenue includes a recently improved, two-story atrium lobby, on-site café service with WiFi and an outdoor seating area. Its granite and glass exterior is complemented by a well-landscaped, private office park setting featuring a pond with a fountain and walking paths. It offers immediate access to Morris County’s major highways as well a variety of local and regional amenities.

“This building is located within a 15-minute drive to some of New Jersey’s most desirable and affluent areas, including Florham Park, Livingston, Madison, Morristown, Montclair, Roseland and Short Hills, among others,” Schwartz said. “The average household income within a three-mile radius of 100 Eagle Rock Avenue is $151,805, which is 52 percent higher than the state’s overall average. This region is recognized as a premier location for businesses, offering a deep labor pool, diversified housing and a strong corporate presence.”

Based in East Rutherford, Cushman & Wakefield’s Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., Pennsylvania, and Delaware. The team has completed $21.7 billion worth of transactions since 2000, closing on $2.0 billion in 2015.

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