PARK RIDGE, NJ– Hornrock Properties is acquiring One Sony Drive in Park Ridge, NJ, a 220,877-square-foot headquarters quality building that will be partially leased back by Sony Electronics for two years. An industry observer familiar with the transaction says the purchase price was $16.8 million.

Jeffrey Dunne, Kevin Welsh and Brian Schulz of CBRE Institutional Properties and Jeffrey Babikian of CBRE's Saddle Brook office represented Sony in the sale and identified the buyer.

“The investment provides a unique opportunity for Hornock Properties to acquire a headquarters quality building with a partial sale leaseback, which will minimize carry cost while they market for lease the vacant space,” says CBRE's Welsh. “Hornrock plans to capitalize on the property's strategic location with access to one of New Jersey's most affluent demographic bases and should do quite well with the investment.”

The partial sale leaseback provides Hornrock with a positive in-place NOI while executing the repositioning of the property. Value is added to the strategic plan by the highly marketable available space, which is primarily located on the top floor of the building, which offers exceptional views of the property's scenic 37-acre campus.

The property's campus features a naturally landscaped setting with ponds and walking trails, and  an expanding retail amenity base (Lifetime Fitness, Park Ridge Marriot and to be developed Wegman's-anchored lifestyle center).

“The acquisition of One Sony Drive is an excellent addition to our New Jersey portfolio and is consistent with our investment philosophy of acquiring assets that are well-located and present value-add opportunities," says David Hornblass, a principal of Hornrock Properties. “We look forward to implementing a strategy that will unlock the full value of the property."