WEST ORANGE, NJ—PAG Investments has acquired Executive Hill Office Park, a four-building office complex totaling more than 400,000 square feet in the Essex County community of West Orange, NJ.
Holliday Fenoglio Fowler marketed the property exclusively on behalf of the seller, an entity controlled by RNY Property Trust. The sale price was not disclosed.
The office complex consists of 31 acres and includes 10 Rooney Circle and 100-300 Executive Drive. Built between 1971 and 1984, the complex amenities include a full-service cafeteria, shared conference room and fitness center. The property is 48-percent leased to tenants, including Lincoln Educational, GEICO and a U.S. government agency. Located off Prospect Avenue and Rooney Circle, Executive Hill Office Park is situated at a full interchange of Interstate 280. The Essex Green Shopping Center is also located adjacent to the complex, providing additional convenience.
Senior managing director José Cruz, managing director Kevin O'Hearn, directors Michael Oliver and Stephen Simonelli, and associate director Marc Duval, supported by senior managing director Andrew Scandalios, led the HFF investment sales team representing the seller.
“This is a unique transaction that appealed to the office buyers as well as redevelopers,” says Cruz. “The buyers saw significant near term upside in the office space and longer term potential in a repositioning play.”
WEST ORANGE, NJ—PAG Investments has acquired Executive Hill Office Park, a four-building office complex totaling more than 400,000 square feet in the Essex County community of West Orange, NJ.
Holliday Fenoglio Fowler marketed the property exclusively on behalf of the seller, an entity controlled by RNY Property Trust. The sale price was not disclosed.
The office complex consists of 31 acres and includes 10 Rooney Circle and 100-300 Executive Drive. Built between 1971 and 1984, the complex amenities include a full-service cafeteria, shared conference room and fitness center. The property is 48-percent leased to tenants, including Lincoln Educational, GEICO and a U.S. government agency. Located off Prospect Avenue and Rooney Circle, Executive Hill Office Park is situated at a full interchange of Interstate 280. The Essex Green Shopping Center is also located adjacent to the complex, providing additional convenience.
Senior managing director José Cruz, managing director Kevin O'Hearn, directors Michael Oliver and Stephen Simonelli, and associate director Marc Duval, supported by senior managing director Andrew Scandalios, led the HFF investment sales team representing the seller.
“This is a unique transaction that appealed to the office buyers as well as redevelopers,” says Cruz. “The buyers saw significant near term upside in the office space and longer term potential in a repositioning play.”
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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].
