The building's vacancy will pave the way for a makeover lasting through 2009 and including new facades, windows, lobbies, landscaping, HVAC and roof. Onyx and Hampshire, which acquired the property on behalf of its Hampshire Partners Fund VII, will target medical office users to fill the asset. The site also comes with additional development rights.
"The location, additional development rights and the fact that this asset has never been on the market make it a great candidate to reposition," says Jonathan Davis, VP of investments for the Woodbridge-based Onyx. "We can create significant value for our joint venture."
"Based on our ability to meet tenant demand and Onyx Equities' track record in the medical office marketplace, this is a strong addition to our portfolio," says Todd Anderson, a principal of the Morristown-based Hampshire.
For Onyx, meanwhile, the pick-up is its second along this Bergen County thoroughfare. In 2006, the company acquired Glen Rock Plaza, a 60,000-square-foot class B building at 266 Harristown Rd. from Burt Ross Realty for $6.7 million, or $112 per square foot. The building remains in Onyx's portfolio, with availabilities currently listed with an asking price of $24.50 per square foot.
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