EAST RUTHERFORD, NJ—Vision Properties/Arena Capital has acquired the high-rise office tower across from MetLife Stadium and the American Dream retail project for $108.7 million.
CBRE Group Inc.'s institutional properties team, which is announcing the transaction this morning, arranged the sale for California-based KBS REIT II, which had acquired thebuilding in 2011.
The 15-story tower at One Meadowlands Plaza is a LEED Gold-certified building that drew new tenants even during the dismal real estate years of 2009-10, says CBRE's Jeffrey Dunne, a member of the team that brokered the sale. The 423,343-square-foot building has been a strong post-recession performer, he says, with rents up 10% since 2012.
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