CBRE announced that Jeffrey Dunne, Jeremy Neuer, Travis Langer and Zachary McHale of CBRE Institutional Properties represented the partnership of Garrison Investment Group and Onyx Equities in the sale of Country Club Plaza in Paramus. The team was also responsible for procuring the buyer, Premium Capital Resources.
Located at 115 & 117 W. Century Road, Country Club Plaza is a 97 percent leased, 303,777± square-foot, two-building office complex. The buildings feature long-term leases with investment grade tenants. Due to its strategic location and proximity to a highly skilled labor pool, the property has had a broad pull, attracting tenants from the Hudson Waterfront, as well as Northern Bergen County.
Since acquiring the buildings in 2016, ownership invested over $3.2 million in common area and amenity upgrades which included a new lobby and landings, new elevator cabs and a shared conference center. These improvements, coupled with a broad amenity package, helped Country Club Plaza capture 250,000 square-feet of leasing activity.
“Premium Capital Resources will enjoy long-term investment grade income from this premier office asset,” said Dunne.
“Onyx, in partnership with Garrison, has restored Country Club Plaza as one of the preeminent office assets in the submarket. Country Club Plaza joins their long list of successful value-add projects in the tri-state region,” added Neuer.
CBRE Institutional Properties has a number of attractive investment opportunities on the market including: a seven property, 1,496 apartment portfolio in Long Island; a 67,449± square-foot single tenant Stop & Shop in Morris Plains; and 100 Hamilton Plaza, a 182,441± square-foot Class A office building in Paterson.
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