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After Buy, Lease Deals Follow

HASBROUCK HEIGHTS, NJ-Following its July acquisition of a 130,00-square-foot office building here, owners KABR Real Estate Investment Partners and Capstone Realty Group Inc. have signed more than 14,000 square feet of leases at the property.

By Maria Wood | Updated on October 29, 2009

HASBROUCK HEIGHTS, NJ-Following its July acquisition of a 130,00-square-foot office building here, owners KABR Real Estate Investment Partners LLC and Capstone Realty Group Inc. have signed more than 14,000 square feet of leases at the property. This past summer, KABR and Capstone first teamed up to buy a vacant, 235,057-square-foot building in Ridgefield Park.

The three deals at 611 Rt. 46 West include: Care Plus’ 7,900-square-foot, 10-year lease; the Connecticut School of Broadcasting signing for 4,600 square feet, also for 10 years, and Bearcom’s contract for 1,700 square feet for five years. The average rental rates ranged from $18 to $21 per square foot, according to a release from the owners.

With these lease signings, the first floor is entirely occupied. MRH Realty Services is currently marketing over 32,000 square feet of office space, divisible from 2,000 square feet to 20,000 square feet. MRH represented both the landlord and the tenants in the Care Plus and Bearcom deals.

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