LYNDHURST, NJ-Rugby Realty of New Rochelle, NY has acquired the Cityview Corporate Center here for $10.3 million.
The deal, reported by Cushman & Wakefield Inc., adds the Cityview Corporate Center to Rugby Realty's portfolio. The three-story, 135,418-square-foot Cityview building at 160 Chubb Ave. sits on 8.36 acres, according to The Record.
The property was built in 1979, and fully renovated in 2006, with its common areas upgraded in 2012. The building is current 80% leased.
Cushman represented the seller TA Associates Realty of Boston in the transaction.
Gary Gabriel, executive vice president and a member of Cushman & Wakefield's Metropolitan Area Capital Markets Group, says the company has a transaction pending for a property in the nearby Meadowlands area that is anticipated to close in the next 30 days.
"We have a number of transactions to be announced that would be very much indicative of the trend of capital coming back into the suburban office sector," Gabriel says. "There's a good deal of capital that is out there. It is not at premium prices, but we're seeing the money move back into the space." See story in The Record.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
