Colliers International Group Inc. orchestrates the sale of Continental Plaza, the 650,000-square-foot, landmark corporate property at the junction of Route 4 and Hackensack Avenue in Hackensack. In Bergen County’s largest year-to-date office trade, Capstone Realty Group and JD Companies purchased the three-building complex from a Miami based special servicer for $63 million.
“Continental Plaza is one of the most prominent office developments in northern New Jersey, and its offering drew significant investor interest,” noted Colliers’ Jacklene Chesler, senior managing director and head of the firm’s New Jersey investment sales practice. “We received more than 15 qualified offers, reflecting the overall health of the market and the continued appeal of well-located suburban office product with strong repositioning potential.”
Strategically situated within a densely populated and affluent New York City suburb, Continental Plaza currently is 72 percent leased to a strong and diverse tenant base. More than $16.5 million in capital improvements have been completed there over the past four years. Tenants also enjoy an established amenity package that accommodates today’s lifestyle-driven workforce. Located at 401, 411 and 433 Hackensack Avenue, Continental Plaza sits directly across the street from the Riverside Square Mall.
“Continental Plaza’s unparalleled position in the market is a result of its access, superior visibility, and on-site and surrounding amenities,” Chesler said. “This property’s competitive position is well secured under its new ownership, which brings with it past involvement with this asset, deep experience in the Northern New Jersey market, and an impressive track record of property turnarounds.”
“Jackie and her team did an exceptional job developing, implementing and ultimately executing the marketing plan for this important assignment,” stated David A. Simon, SIOR, executive managing director and market leader, “There was total alignment between Jackie and her client throughout the transaction process which led to the desired outcome.”Related Articles: