CLIFTON, NJ—Ercument Tokat, an investment banker at Centerview Partners, has acquired 2 and 4 Brighton Road, on the corner of Bloomfield Avenue and Brighton Road, in Clifton, NJ, from The KABR Group and Capstone Realty Group for $13.35 million.

The four-story, class A, 103,340 square-foot buildings, which have all new interior construction, have been sold to Tokat as a private investor, according to Real Capital Analytics, a proprietary research database that tracks commercial real estate transactions.

Tokat is a founding partner of Centerview's healthcare investment practice, according to a biography on the Mailman School of Public Health website at Columbia University, where he serves on the school's board of overseers.

Jonathan Kristofich, a vice president with Avison Young, brokered the transaction. Tenants in the properties include Warm Thoughts Communications, Perinatal Associates, and Sutherland Healthcare Solutions, according to Real Capital Analytics.

“The KABR Group, working closely with our partners at Capstone Realty Group, successfully demonstrated and reaffirmed our value-oriented strategy by repositioning a once vacant property, investing millions in renovations and upgrades, and stabilizing with quality tenancy at 100% occupancy,” said Michael Goldstein, managing director, The KABR Group. “We were very pleased Jonathan and the Avison Young team identified a local qualified owner/operator with Essex County expertise that will continue to propel the momentum at the Allwood Atrium.”

The sellers updated the interiors, created built-to suit suites, an onsite café, covered walkways, 24/7/365 access and secure monitoring and individual tenant-controlled HVAC. The purchaser was attracted to the building's diversified tenant base, excellent location, along with strong in place cash flow.

“Both office buildings have been terrific investments for our client, and because of the work they put into their assets, they will continue to have a bright future under new ownership. It is a win-win for all parties,” says Kristofich. “The Route 3 submarket continues to benefit from strong underlying market fundamentals, coupled with above average occupancy and rental rate growth over the last several quarters. Given the recent acquisition and redevelopment plan of the former Hoffman La Roche campus, these first-class assets are situated in an area that is ripe for sustained growth. We are excited for the future of the Northern New Jersey office market.”

“Working with Avison Young to complete the sale of these two buildings in Clifton was a pleasure,” says Mitchell Adelstein, managing partner, Capstone Realty Group. “The buyer, who is local to the community, had specific requirements, which Avison Young successfully met. They are extremely pleased with the outcome and are looking forward to ownership of these two new assets.”

Built in 1985, both 2 and 4 Brighton Road offer an office park setting complete with outdoor seating areas. They are located about one minute from Route 3, two minutes from the Garden State Parkway, 15 minutes from the Lincoln Tunnel and 20 minutes to the George Washington Bridge. The property is also near Route 17.

Instant Insights /

Tokat, A Private Investor, Buys Clifton, NJ, Medical Office Buildings for $13M+

Related Stories

Recommended For You