Off-Market Trade Moves 219K SF Rochelle Park Office to Tak and Bergman
“This is a well-located, quality office property with significant upside potential via lease-up of its available space,” says Jacklene Chesler of the Colliers investment team. “The price provides the new buyer with an attractive opportunity to leverage its value-add position.”
ROCHELLE PARK, NJ—A structured joint venture between TAK Group and Bergman Real Estate Group has acquired a 218,500-square-foot, multi-tenant office property at 365 West Passaic Street, Rochelle Park, NJ. Colliers International brokered the off-market sale of the class A office asset by Onyx Equities and Garrison Investment Group. The sale price was $16.8 million, or $79 per square foot, according to Real Capital Analytics.
“This is a well-located, quality office property with significant upside potential via lease-up of its available space,” says Jacklene Chesler of the Colliers investment team. “The price provides the new buyer with an attractive opportunity to leverage its value-add position.”
The five-story building offers a full-service café, vending, building Wi-Fi, bike storage and ample parking. The property is a half mile from the Garden State Plaza mall, and is near the Garden State Parkway, I-80, and routes 46, 17, and 4.
The Colliers’ investment sales team led by Chesler, including Patrick Norris, Matthew Brown and Angelo Vitale, represented the seller and procured the buyer for 365 West Passaic Street. Chesler and Norris helped to arrange bridge debt to ensure the transaction’s timely closing.
Onyx and Garrison initially purchased the asset in September 2017 as part of a Bergen County portfolio acquisition from Mack-Cali Realty Corporation. The property is 77-percent occupied by tenants from the retail, healthcare, financial services, engineering, transportation and other professional services sectors.
“We are extremely excited about our purchase due to the attractive location within the strong Bergen County submarket and proximity to major thoroughfares and New York City,” says Kenny Desai, president of TAK Group. “We plan to execute a substantial capital improvements strategy, including lobby, café and amenity renovations to enhance the quality of the asset and the tenant experience.”
Bergen County remains a prime target for the office investment community. The region is a long-time darling for corporate space users, offering an average household income of nearly $120,000; a deep white-collar labor pool; and abundant retail, entertainment and hospitality amenities.