Transwestern Spends $27.6M for Office Campus

The transaction was arranged by Cushman & Wakefield's Metropolitan Area Financial Services Group of East Rutherford, NJ. Cushman & Wakefield represented the seller in the negotiations after procuring the buyer.

"Lincoln Property Co. acquired Lanidex Plaza in back in 1998 with the intention of completing the lease-up of the property and to sell the asset once it became stabilized," according to Gary Gabriel, a senior director for C&W's Metropolitan Area Financial Services Group. The property's current tenant roster includes Linear Dynamics, The MDE Group, Vistaar Technologies, Sanders Management Associates Inc., CALC/Canterbury, CommonHealth, iRail, the GetPAID Corp., Networld, GlarNet Communications and Scientific-Atlanta Inc.

The transaction also marks the continued expansion by Transwestern into the Garden State. The investment company had bought 180-188 Mt. Airy Rd., an office complex in Basking Ridge, NJ, in 1996 as one of its initial investments, a property it subsequently sold. Besides its latest acquisition, the company also currently owns the nearby 1515 Route 10 in Parsippany.

"Transwestern was attracted to the asset by several below-market leases, as well as by Lanidex Plaza's per-sf price," according to Gabriel. "They plan to immediately make select capital and cosmetic improvements at the buildings. Ultimately, the company has achieved its goal to grow its Northern New Jersey market share with a well-located asset in a prime corporate neighborhood," Gabriel concludes, referring to Lanidex Plaza's location at the junction of Interstates 80 and 287 in Bergen County.

Transwestern, which was formed in 1996 and has invested a total of $2.8 billion since then, focuses on assets in markets in which "supply and demand factors add up to a high return," according to a company spokesperson.