BASKING RIDGE, NJ—Cranford, NJ-based Signature Acquisitions acquired The Offices at Liberty Corners, 106, 110, and 150 Allen Road, Basking Ridge, NJ, from The Silverman Group. The sale of the three-building office park was brokered by Cushman & Wakefield's East Rutherford, NJ, investment sales team of Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer and Frank DiTommaso II.
“The portfolio features a diverse, credit-laden rent roll with over 40 tenants offering numerous synergies from shared amenities and multiple price points for occupiers,” says Gabriel. “Prior ownership capitalized on the flexibility of the park, and its amenities, and was able to consolidate and expand a number of tenants.”
Located immediately off exit 33 of I-78, the park totals 524,260 square feet throughout three, four-story buildings.
Silverman acquired the class-A buildings in three separate transactions since 2010. The purchase price was not disclosed, but in the previous acquisition of 106 Allen Road in July 2013, Silverman paid Mack-Cali Realty Corporation $18 million, or $135 per square foot, according to Real Capital Analytics, a proprietary research database. In July 2011, Silverman acquired 110 Allen Road from TA Realty for $24 million, or $119 per square foot, Real Capital Analytics says. Silverman purchased 150 Allen Road from TA Realty in June 2010 for $17.3 million, or $90 per square foot, the Real Capital Analytics database says.
Each of the buildings caters to a range of tenant sizes and uses, featuring renovated common areas, covered parking options, on site food service, extensively landscaped grounds and outdoor seating areas.
“The I-78 corridor, particularly at Exit 33, remains of interest to globally recognized companies seeking quality office space near amenities and conveniences,” says DiTommaso. “This is evidenced by the park's occupancy, which increased from 93 percent to near-full during the short time the park was marketed for sale.”
Cushman & Wakefield's leasing experts Bill Brown, Ben Brenner and MariaGrace Iantosca assisted in the sale and will continue to serve as exclusive leasing agents on behalf of Signature Acquisitions.
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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].
