Cushman & Wakefield Completes Sale of 90,000-Square-Foot Suburban Office Building

EAST HANOVER, N.J. - Oct. 3, 2014 - PRLog -- – Commercial real estate services firm Cushman & Wakefield has completed the sale of 100 Eagle Rock Avenue, a 90,000-square-foot, class A office building in East Hanover. Andrew Merin, David Bernhaut, Gary Gabriel and Andy Schwartz of the firm’s East Rutherford, N.J.-based Metropolitan Area Capital Markets Group (CMG) represented the seller, a locally based investment fund. The buyer, 100 Eagle Rock Venture LLC, is an affiliate of Iselin, N.J.-based Bergman Real Estate Group.

"Although capital has been somewhat selective for suburban office investment, 100 Eagle Rock Avenue generated strong demand, primarily from local and regional private investors,” said Gabriel. “We have been seeing progressively more interest in office properties of all sizes. We received 13 offers for 100 Eagle Rock from investors who recognized the quality of the building and its ability to retain tenants even in a challenging market. We appreciated Bergman’s commitment to executing and closing the transaction in a timely manner.”

Located on 8.59 acres just off I-280 in Northern New Jersey’s Morris County, the three-story building was constructed in 1988. The property was approximately 85 percent leased at the time of sale.

Based in East Rutherford, N.J., Cushman & Wakefield's Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Connecticut and Pennsylvania. The team has completed more than $17 billion worth of transactions since 2000, closing on $1.5 billion in 2013.