HACKENSACK, NJ—GE Credit Equities has sold 2 University Plaza in Hackensack, NJ to Venture Hackensack for $10.25 million.
The 148,453 square-foot, six-story building is 72 percent occupied and had 33 tenants at the time of the sale. Newmark Grubb Knight Frank Capital Markets handled the transaction for GE, with executive managing director Steven Schultz, managing director Tony Georgiev and director Josh Malka, and managing director Blake Goodman, who served as the leasing specialist represented the seller.
"We are very pleased with the execution of this sale and the attractive price we were able to secure on 2 University Plaza on behalf our client," says Schultz. "The buyer recognized the unique value-add investment opportunity offered by the property. With superior amenities, a diverse array of tenancy and benefits from its location in one of the region's most desirable corporate corridors, the new owner will have the ability to capture rent upside by implementing strategic upgrades to the building."
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
