The Office Court of Ramsey traded in a June sale orchestrated by commercial real estate services firm Cushman & Wakefield. The 78,000-square-foot niche office park at 500 Lake Street sits immediately off Route 17 in one of the most densely populated and affluent areas of New Jersey.
Cushman & Wakefield’s East Rutherford-based investment sales team brought the Bergen County property to market on behalf of the seller, a private ownership entity. The team – headed by Andrew Merin including Andrew Schwartz and Ryan Larkin – approached a select group of investors, ultimately choosing BHN Associates as the buyer. The asset traded for $10.8 million.
The Office Court of Ramsey includes 11 buildings with tenant suites ranging from 200 to 5,000 square feet; it serves as home to over 100 tenants and is 95 percent occupied. “The Office Court of Ramsey is truly one of a kind,” Schwartz noted. “It was designed specifically for small users and corporate executives that live in the surrounding towns and prefer a business location close to home. This property’s diversified rent roll and lack of alternative ‘like’ options in the local market offers reduced risk.”
The 8.5-acre property features a park-like setting with scenic landscaping, ponds, footpaths and ample parking. It provides its tenants with professional office space, full HVAC control, 24/7 access and private restrooms. The Route 17 Corridor is also a premier commercial/retail corridor providing plentiful area amenities including an Uncle Giuseppe’s Marketplace, 24 Hour Fitness, TD Bank Branch, and Retro Fitness within walking distance.
“Since small business owners typically do not have access to corporate cafeterias and other dining and fitness options available in large corporate office parks, The Office Court of Ramsey is ideally situated in being able to offer tenants an abundance of choices nearby,” Larkin noted.
The sale of The Office Court of Ramsey follows the Cushman & Wakefield team’s successful marketing of the adjacent TD Bank building for the same ownership.
To access more business news, visit NJB News Now.Related Articles: