In a deal brokered by Cushman & Wakefield of New Jersey in East Rutherford, on behalf of JP Morgan, Ivy Equities has acquired a 436,531-sf package for $49.6 million. The five-year-old Ivy Equities, based in Clifton, NJ, has quickly established a presence in the tri-state area for buying and managing undervalued commercial properties.
The seven-property acquisition includes a half dozen office buildings and a parcel of land. The one property outside of Parsippany is the 333 Route 46 building in Mountain Lakes, NJ. In Parsippany, the existing buildings include 299 Cherry Hill Rd., 1633 Littleton Rd., 4 Woodhollow Rd., and 10 and 30 Lanidex Plaza West. Collectively, the buildings are 95% leased, with a tenant roster that includes Newsweek, Fleet Healthcare Finance, Allen-Bradley, AON, Booz Allen and Thomas Ferguson Associates. The six-acre parcel of land at 20 Lanidex Plaza West is approved for 78,000 sf of office space.
"The chance to buy multiple buildings at the same time in this market was attractive to many active players, especially in the current interest rate environment," according to C&W's Gary Gabriel, noting that "JP Morgan received more than a dozen bids" for the package. Gabriel handled the assignment, along with C&W's Andrew Merin, David Bernhaut and Jose Cruz.
"Ultimately," says Gabriel, "Ivy Equities was able to increase its presence significantly with just one transaction. And JP Morgan took advantage of a 'retail sale' at an opportune time."
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