Basking Ridge Offices at Liberty Corners Trades to Signature Acquisitions
“The I-78 corridor, particularly at Exit 33, remains of interest to globally recognized companies seeking quality office space near amenities and conveniences,” says Cushman & Wakefield's Frank DiTommaso II.
BASKING RIDGE, NJ—Cranford, NJ-based Signature Acquisitions acquired The Offices at Liberty Corners, 106, 110, and 150 Allen Road, Basking Ridge, NJ, from The Silverman Group. The sale of the three-building office park was brokered by Cushman & Wakefield’s East Rutherford, NJ, investment sales team of Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer and Frank DiTommaso II.
“The portfolio features a diverse, credit-laden rent roll with over 40 tenants offering numerous synergies from shared amenities and multiple price points for occupiers,” says Gabriel. “Prior ownership capitalized on the flexibility of the park, and its amenities, and was able to consolidate and expand a number of tenants.”
Located immediately off exit 33 of I-78, the park totals 524,260 square feet throughout three, four-story buildings.
Silverman acquired the class-A buildings in three separate transactions since 2010. The purchase price was not disclosed, but in the previous acquisition of 106 Allen Road in July 2013, Silverman paid Mack-Cali Realty Corporation $18 million, or $135 per square foot, according to Real Capital Analytics, a proprietary research database. In July 2011, Silverman acquired 110 Allen Road from TA Realty for $24 million, or $119 per square foot, Real Capital Analytics says. Silverman purchased 150 Allen Road from TA Realty in June 2010 for $17.3 million, or $90 per square foot, the Real Capital Analytics database says.
Each of the buildings caters to a range of tenant sizes and uses, featuring renovated common areas, covered parking options, on site food service, extensively landscaped grounds and outdoor seating areas.
“The I-78 corridor, particularly at Exit 33, remains of interest to globally recognized companies seeking quality office space near amenities and conveniences,” says DiTommaso. “This is evidenced by the park’s occupancy, which increased from 93 percent to near-full during the short time the park was marketed for sale.”
Cushman & Wakefield’s leasing experts Bill Brown, Ben Brenner and MariaGrace Iantosca assisted in the sale and will continue to serve as exclusive leasing agents on behalf of Signature Acquisitions.