The deal was put together by the Metropolitan Area Financial Services Group of Cushman & Wakefield of New Jersey, based in East Rutherford, which represented the seller and brought the buyer to the table. The acquisition includes both the building itself and a fee interest beneath the adjacent Hampton Inn hotel.
According to Gary Gabriel of C&W's FSG, "the building's institutional quality and its Meadowlands location presented a very attractive opportunity for Heritage Management. The purchase was a 1031 exchange for the buyer, which was also required to assume an existing mortgage on the building.
"The exchange and the loan assumption presented a significant challenge from a timing standpoint," Gabriel continues. "But the persistence of both Ivy and Heritage enabled us to gain approval from the lender, and we were able to close within one day of the exchange requirement time frame."
Built in 1983, the six-story 300 Harmon Meadow Blvd. sits on a six-acre site near the New Jersey Turnpike. The location has immediate access to both Route 3 and Interstate 495, major feeder routes to the Turnpike at Exit 16. Major tenants are Bank of America and Bank One, and the asset is currently 94% leased.
"The sale is yet another example of the strong investment sales activity that has been occurring in New Jersey during this year," Gabriel says. "More than $1.7 billion in office investment sales alone closed during the first nine months of the year.
"Trophy properties like 300 Harmon Meadow Blvd. continue to be a favorite among investors in this market, as illustrated by the competitive bidding process that met this offering," according to Gabriel.
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