Both Onyx and Garrison “have strong track records when it comes to executing on value-add lease up transactions,” says Eric Rosenthal, director at Garrison, noting this is the third venture between Garrison and Onyx. “We are acquiring two high quality office buildings at a very attractive cost basis and we anticipate creating substantial value through the repositioning of the assets.”

PARAMUS, NJ—In partnership with Garrison Investment Group, Onyx Equities has acquired Country Club Plaza, a 300,260 square-foot office campus at 115-117 West Century Road in Paramus, NJ from Cornerstone Real Estate Advisers.

“We view this as a strategic opportunity to acquire two of the highest quality office buildings within all of Bergen County, says Stephen Sullivan, executive vice president of Onyx Equities' Investment Group. ”We believe that once our planned renovations are complete, the location, amenity package and competitive rental rates will be very enticing to prospective tenants in the market place.”

Jeffrey R. Dunne, Kevin P. Welsh, and Brian M. Schultz of CBRE represented Cornerstone Real Estate Advisers in the sale.

Country Club Plaza is a two-building, class A office complex with a full service cafeteria, fitness center and conference facility. The campus is easily accessible to the Garden State Parkway, I-80, Routes 17, and is located within close proximity to high end dining options and two country clubs.

Both Onyx and Garrison “have strong track records when it comes to executing on value-add lease up transactions,” says Eric Rosenthal, director at Garrison, noting this is the third venture between Garrison and Onyx. “We are acquiring two high quality office buildings at a very attractive cost basis and we anticipate creating substantial value through the repositioning of the assets.”