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Cushman & Wakefield Arranges Sale of 395 West Passaic Street
High-Visibility Property in Rochelle Park, N.J. Drew Spirited Investor, Operator Interest
By: Cushman & Wakefield
Andrew Schwartz from the global commercial real estate services firm's investment sales team in East Rutherford, N.J. led the assignment, with David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer, and Andrew MacDonald. They were assisted by David DeMatteis and Mark Zaziski from the leasing team. The Cushman & Wakefield team marketed the property in conjunction with Ten-X, an online transaction platform for commercial real estate, also leveraging Cushman & Wakefield's proprietary investor database. This hybrid approach resulted in robust interest from experienced investors and office building owners throughout Northern New Jersey and New York.
395 West Passaic Street was 80% leased to eight tenants at the time of sale. Situated on 3.1 acres and located at the crossroads of Routes 17, 4 and the Garden State Parkway in one of the most densely populated and affluent areas in the state, it offers easy access to New York City, and proximity to an educated workforce and executive housing. The property features a unique white metal façade and covered parking, and is visible from the Garden State Parkway, which boasts a daily traffic count of more than 150,000.The transaction was Ramaa Management's second office acquisition in about a year in this market, having also acquired Park 80 East in Saddle Brook in May 2017, according to Danny Barot, principal and managing member.
"This property stood out with exceptional curb appeal and features like covered executive parking, flexible floor plates, and the option to add a Class A amenity package in order to drive lease-up and rent growth," said Schwartz.
"395 West Passaic Street is situated within Bergen County, an established economic hub, that is the most populous county in New Jersey, with a population of more than 950,000," added MacDonald.
"The attractive characteristics of this property and the surrounding area helped drive leasing interest in this location," added Bernhaut. "Activity in the Route 17 South submarket has been decidedly bullish, with decreasing vacancy rates and increasing average asking rents."
Bergen County is known for its high quality of life, superior public schools, well-educated labor force and concentration of major domestic and overseas corporations. The county is home to many Fortune 500 firms including pharmaceuticals, telecommunications, technology and financial services.
Based in East Rutherford, New Jersey, Cushman & Wakefield's investment group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, and Fairfield County, Connecticut. The team has completed $28 billion worth of transactions since 2000, closing over $2.5 billion in sales in 2017.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake (http://www.twitter.com/
Evelyn Weiss Francisco