Search
 

Silverman Buys Raritan Plaza III

EDISON, NJ-The 182,616-sf class A building moves from the portfolio of Ivy Equities and financial partner Urdang Capital.

By Eric Peterson | Updated on May 08, 2008

EDISON, NJ-In one of the few non-institutional, stabilized office investment sales in New Jersey in 2008, Raritan Plaza III, a 182,616-sf class A office building at 105 Fieldcrest Ave. at the entrance to the sprawling Raritan Center business park here, has been sold by Ivy Equities, Montvale, NJ, and equity partner Urdang Capital. The Silverman Group, Short Hills, NJ, now owns the six-story asset after a three-year stay in Ivy’s portfolio.

The deal was arranged by Cushman & Wakefield’s Metropolitan Area Capital Markets Group, specifically Gary Gabriel, Andrew Merin, David Bernhaut and Jose Cruz. The sale price was not disclosed; industry sources put the number in the $30-million range. Ivy and Urdang had acquired the building and its 13.5-acre site in early 2005 from Lincoln Property Co. and Archon for a reported $25 million. Ivy and Urdang subsequently picked up a $17.8-million first mortgage from Aetna to finish off that acquisition.

“It is a very well-located asset with a predictable return and limited leasing exposure,” says Gabriel, noting that the 96%-leased building is at the confluence of the New Jersey Turnpike, Garden State Parkway, Routes 1, 9 and 440, and I-287. “The offering drew significant interest and more than a dozen offers.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.