PARK RIDGE, NJ– Hornrock Properties is acquiring One Sony Drive in Park Ridge, NJ, a 220,877-square-foot headquarters quality building that will be partially leased back by Sony Electronics for two years. An industry observer familiar with the transaction says the purchase price was $16.8 million.
Jeffrey Dunne, Kevin Welsh and Brian Schulz of CBRE Institutional Properties and Jeffrey Babikian of CBRE's Saddle Brook office represented Sony in the sale and identified the buyer.
“The investment provides a unique opportunity for Hornock Properties to acquire a headquarters quality building with a partial sale leaseback, which will minimize carry cost while they market for lease the vacant space,” says CBRE's Welsh. “Hornrock plans to capitalize on the property's strategic location with access to one of New Jersey's most affluent demographic bases and should do quite well with the investment.”
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