CBRE announced today that Jeffrey Dunne and Jeremy Neuer of CBRE Institutional Properties in collaboration with Geoffrey Schubert represented Rialto Capital in the $21,000,000 sale of 150 & 200 Meadowlands Parkway in Secaucus, New Jersey. The team was also responsible for procuring the buyer, Alma Realty.
150 & 200 Meadowlands Parkway consists of two office buildings totaling 212,666 square feet currently 77% leased. The 41,400± square feet in vacancy provides significant upside from further leasing. The Property is multi-tenanted and serves as the corporate headquarters for Schiavone Construction (subsidiary of Dragados S.A., one of the largest Spanish construction contractors in the world), Ashley Stewart, Cory 1st Choice Home Delivery, and Image Processing Systems and is also home to VXchange’s data center and Frontage Laboratories.
The property is strategically located 3 minutes from Route 3 and 5 minutes of the NJ Turnpike (Exit 15X), and Routes 495 and 1/9, with mass transit connectivity via NJ Transit bus (two stops outside the building) and train service at Secaucus Junction Station offering access to Manhattan in under 15 minutes. The location is further enhanced by the strong base of lifestyle amenities and mixed-use environments along Meadowlands Parkway and nearby Harmon Meadow, providing a variety of retail, dining, hospitality, and residential options for tenants.
Mr. Dunne commented: “150 & 200 Meadowlands is highly proximate to the Lincoln Tunnel and Manhattan and provides secure cash flows from long term leases along with opportunity to grow NOI through further lease up.”
CBRE Institutional Properties has a number of attractive investment opportunities including: Oak Hill Park a 122,400± square-foot value add office building in Wayne, New Jersey; 55 Charles Lindbergh, a 214,581± square-foot 100% leased office building in Uniondale, New York; 6800 and 6900 Jericho Turnpike, a 315,500± square-foot value add office property in Syosset, New York; 9 West Broad, a 188,000± square-foot multi-tenant, value add office property in downtown Stamford, Connecticut; CenterPointe at Bridgewater, a 331,354± square-foot value add office property in Bridgewater, NJ.
CBRE (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.us.