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Denholtz Snaps Up Bernardsville Building

BERNARDSVILLE, NJ-Denholtz Associates has acquired a 56,000-square-foot office building here.

By Maria Wood | Updated on July 28, 2009

BERNARDSVILLE, NJ-Denholtz Associates has acquired a 56,000-square-foot, class A office building here. Stephen Cassidy, president of Rahway-based Denholtz, tells GlobeSt.com that the acquisition was financed by the existing lender on the building, RAIT Financial Trust. The previous owner was NPV Direct Invest. RAIT and NPV were represented by Cushman & Wakefield.

Cassidy declined to specify the price paid for the property, which sits at 150 Morristown Rd. However, Jeffrey C. Clary, principal and associate general counsel for NPV Direct, tells GlobeSt.com that the property was sold for $5.9 million.

“We feel that we acquired it at a price point that was at a substantial discount to replacement value and allowed us to yield an IRR that would exceed our investment criteria,” Cassidy says. Although he refrained from identifying the firm’s return parameters, Cassidy says that “Something north of mid-teens is certainly what we are looking for today.”

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