SOMERSET, NJ-Jeffrey Dunne, Kevin Welsh and Brian Schulz of CB Richard Ellis' New York Institutional Group represented the unnamed seller in the disposition of 580 Howard Ave. here, while Geoffrey Schubert and Sean Morley, also from CBRE, represented the buyer, Oticon Inc. in the acquisition of the property, which will serve as a consolidation of two local facilities to create its new US headquarters.
The asset is a 162,756-square-foot office building situated on around nine acres. It has been occupied by a number of high-profile companies, such as Avaya and AT&T. Welsh tells GlobeSt.com, “The property presented an excellent opportunity for Oticon to purchase an asset that would enable the company to consolidate its operations and administrative office within one building creating operational efficiencies and a new corporate environment."
Recent sales for the Institutional Group include 100 Route 206 North in Peapack, NJ, which traded for $23 million, and the Tops Portfolio in the Buffalo/Rochester region, which consisted of 703,201 square feet in six shopping centers for $42.6 million.
The group also has a number of investment opportunities currently on the market including: Bank Street Commons, a 502-unit two-tower multifamily property in White Plains, NY; the Shoppes on Main, a 257,360-square-foot retail property in White Plains, NY; Newbury Common & 100 Prospect St., a two-property portfolio comprised of 343 units in Stamford, CT; Princeton Forrestal Village, a 549,000-square-foot mixed-use office and retail property in Princeton, NJ; 175 Huguenot St., a 126,427-square-foot retail property in New Rochelle, NY; Red Lion Plaza, a 229,204-square-foot shopping center in Philadelphia, PA; Newburgh Center, a high-end 117,257-square-foot transportation center in Montgomery, NY; and Riverside Center, a 706,274-square-foot power center in Utica, NY.
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