FRANKLIN TOWNSHIP, NJ—NextBridge Group and Two Kings Real Estate Company have sold 220 Davidson Avenue, a four-story, 161,217-square-foot, class A office building in Franklin Township, NJ.
Holliday Fenoglio Fowler marketed the property on behalf of the seller, and procured the private buyer. Financial terms were not disclosed, but NextBridge Group acquired the property in June 2010 from Hartford Life Insurance for $5.7 million, according to Real Capital Analytics, a proprietary commercial real estate research database.
220 Davidson Avenue is situated on a 9.29-acre site at the entrance to The Atrium Office Park along Davidson Avenue, a commercial corridor with multiple office buildings, national hotels and a convention/exhibition center. The 85-percent-leased property was most recently renovated in 2007 and features an atrium lobby with marble finishes, full-service café and fitness center with showers and lockers. Major tenants at 220 Davidson Avenue include McKesson, Berkshire Hathaway and the American Arbitration Association.
The HFF investment sales team representing the seller was led by senior managing director José Cruz, managing director Kevin O'Hearn and directors Stephen Simonelli and Michael Oliver.
“This transaction reflects the continued demand for high-quality, suburban office product with upside potential,” says O'Hearn.
FRANKLIN TOWNSHIP, NJ—NextBridge Group and Two Kings Real Estate Company have sold 220 Davidson Avenue, a four-story, 161,217-square-foot, class A office building in Franklin Township, NJ.
Holliday Fenoglio Fowler marketed the property on behalf of the seller, and procured the private buyer. Financial terms were not disclosed, but NextBridge Group acquired the property in June 2010 from
220 Davidson Avenue is situated on a 9.29-acre site at the entrance to The Atrium Office Park along Davidson Avenue, a commercial corridor with multiple office buildings, national hotels and a convention/exhibition center. The 85-percent-leased property was most recently renovated in 2007 and features an atrium lobby with marble finishes, full-service café and fitness center with showers and lockers. Major tenants at 220 Davidson Avenue include
The HFF investment sales team representing the seller was led by senior managing director José Cruz, managing director Kevin O'Hearn and directors Stephen Simonelli and Michael Oliver.
“This transaction reflects the continued demand for high-quality, suburban office product with upside potential,” says O'Hearn.
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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].
