HACKENSACK, NJ—GE Credit Equities has sold 2 University Plaza in Hackensack, NJ to Venture Hackensack for $10.25 million.

The 148,453 square-foot, six-story building is 72 percent occupied and had 33 tenants at the time of the sale. Newmark Grubb Knight Frank Capital Markets handled the transaction for GE, with executive managing director Steven Schultz, managing director Tony Georgiev and director Josh Malka, and managing director Blake Goodman, who served as the leasing specialist represented the seller.

"We are very pleased with the execution of this sale and the attractive price we were able to secure on 2 University Plaza on behalf our client," says Schultz. "The buyer recognized the unique value-add investment opportunity offered by the property. With superior amenities, a diverse array of tenancy and benefits from its location in one of the region's most desirable corporate corridors, the new owner will have the ability to capture rent upside by implementing strategic upgrades to the building."

2 University Plaza features 148,453 rentable square feet and comprises six stories of 25,000-square-foot floor plates, which is ideal for small or large tenants. The facility offers on-site management, a cafeteria, flexible build-to-suit and FIOS enabled suites, 24/7 card-key access and evening manned security. The 6.12-acre property is separated into two lots by Temple Avenue, with the office facility on parcel one and 490 parking spaces on parcel two, 134 of which are shared with The Learning Center Childcare Center.

Centrally located in Hackensack's primary office park and adjacent to Hackensack Avenue, 2 University Plaza provides easy access to New York and the entirety of New Jersey, through its proximity to the Anderson Street and Essex Street train stations. The property is also accessible from Routes 4 and 80, the Garden State Parkway, the New Jersey Turnpike and the George Washington Bridge.