HACKENSACK, NJ—In Bergen County's largest year-to-date office trade, Capstone Realty Group and JD Companies purchased Continental Plaza, a 650,000-square-foot, three-building property in Hackensack from a Miami-based special servicer for $63 million. The property is at the junction of Route 4 and Hackensack Avenue. Colliers International brokered the transaction.
“Continental Plaza is one of the most prominent office developments in northern New Jersey, and its offering drew significant investor interest,” says Colliers' Jacklene Chesler, senior managing director and head of the firm's New Jersey investment sales practice. “We received more than 15 qualified offers, reflecting the overall health of the market and the continued appeal of well-located suburban office product with strong repositioning potential.”
Strategically situated within a densely populated and affluent New York City suburb, Continental Plaza currently is 72 percent leased. More than $16.5 million in capital improvements have been made over the past four years. Located at 401, 411 and 433 Hackensack Avenue, Continental Plaza is directly across the street from the Riverside Square Mall.
“Continental Plaza's unparalleled position in the market is a result of its access, superior visibility, and on-site and surrounding amenities,” Chesler says. “This property's competitive position is well secured under its new ownership, which brings with it past involvement with this asset, deep experience in the Northern New Jersey market, and an impressive track record of property turnarounds.”
“Jackie and her team did an exceptional job developing, implementing and ultimately executing the marketing plan for this important assignment,” says David A. Simon, SIOR, Colliers executive managing director and market leader, “There was total alignment between Jackie and her client throughout the transaction process which led to the desired outcome”.
HACKENSACK, NJ—In Bergen County's largest year-to-date office trade, Capstone Realty Group and JD Companies purchased Continental Plaza, a 650,000-square-foot, three-building property in Hackensack from a Miami-based special servicer for $63 million. The property is at the junction of Route 4 and Hackensack Avenue. Colliers International brokered the transaction.
“Continental Plaza is one of the most prominent office developments in northern New Jersey, and its offering drew significant investor interest,” says Colliers' Jacklene Chesler, senior managing director and head of the firm's New Jersey investment sales practice. “We received more than 15 qualified offers, reflecting the overall health of the market and the continued appeal of well-located suburban office product with strong repositioning potential.”
Strategically situated within a densely populated and affluent
“Continental Plaza's unparalleled position in the market is a result of its access, superior visibility, and on-site and surrounding amenities,” Chesler says. “This property's competitive position is well secured under its new ownership, which brings with it past involvement with this asset, deep experience in the Northern New Jersey market, and an impressive track record of property turnarounds.”
“Jackie and her team did an exceptional job developing, implementing and ultimately executing the marketing plan for this important assignment,” says David A. Simon, SIOR, Colliers executive managing director and market leader, “There was total alignment between Jackie and her client throughout the transaction process which led to the desired outcome”.
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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].
