SOMERSET, NJ-Cushman & Wakefield, Inc.’s Metropolitan AreaCapital Markets group has orchestrated the $9.1-million sale of 265Davidson Ave. here. Friendwell Property Investment Co. purchasedthe 176,000-square-foot, class A office building from KBS RealtyAdvisors.

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The four-story, multi-tenanted building sits on more than 14acres near Exit 10 of I-287. “This neighborhood is a well-knowncorporate back-office submarket, with corporate tenants includingMetLife, Prudential, Cablevision, AT&T, Nissan and Mitsubishi,”says Cushman & Wakefield’s David Bernhaut, who headed thetransaction, along with team members Andrew Merin and Gary Gabriel.“At the same time, the submarket faces challenging conditions withrelatively high vacancy rates.”

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Within this context, 265 Davidson is currently 65% occupied.“Friendwell acquired a superior asset at an excellent costbasis--combining current cash flow with the opportunity to lease upspace at very competitive rental rates,” Bernhaut tellsGlobeSt.com. “This is a great long-term investment for a group thatis focused on building a strong Northern New Jersey commercialportfolio.” The property’s main entrance leads to an atrium lobbywith stainless steel and glass rail finishes. Flexible,45,000-square-foot floor plates accommodate full-floor users andare divisible for smaller tenants.

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