Simultaneous with the purchase of the mortgage, KABR and Capstone were able to obtain the deed to the property. The undisclosed all-cash deal marks the second Bergen County office acquisition for KABR and the second acquisition for Capstone in the past two months.
KABR recently acquired 85 Challenger Rd. in Ridgefield Park from AIG and Capstone acquired a non-performing commercial real estate loan pool from a Northern New Jersey commercial bank in June.
The recently renovated 611 Route 46 W., next to the Hilton Hasbrouck Heights, is less than 30 minutes from midtown Manhattan, Jersey City, Newark and Westchester County, as well as the George Washington Bridge, New Jersey Turnpike, and Route 17. It is also minutes from Hackensack Hospital and the Bergen County Court House.
"As the market softens, we believe we will continue to see interesting opportunities to purchase assets at significant prices below their replacement cost as well as prices significantly below recent valuations," Rob Friedberg, managing partner at Capstone Realty Group, tells GlobeSt.com.
For KABR, 611 fit well in the portfolio's model of restructuring properties to create great values that can be passed on to tenants. "Just like our high-profile 85 Challenger Rd., this fine commercial office building came at the right time for the right price," Kenneth Pasternak, chairman of KABR Real Estate Investment Partners LLC said in a statement. "As the real estate market evolves, we are looking forward to expanding our portfolio with an even greater mix of multifamily residential and commercial properties."
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