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.