"This is a great value-added investment for Onyx," says Robert Donnelly, Jr., associate director with Cushman & Wakefield's Metropolitan Area Capital Markets Group in East Rutherford. Donnelly co-brokered the sale with the MACMG's executive director Gary Gabriel.
"The third floor is available for the first time since the building's completion" in 1982, Donnelly says. "That presents an attractive lease-up opportunity for the new owner. Within this submarket, the building can cater to tenants from 1,000 to 20,000 sf. The building's location and flexibility have contributed to the property's historically high occupancy rate."
The building's current tenant roster includes National Risk Services, an insurance and workmen's comp firm; the Korzik Group, another insurance company; the Goldstein Group, a retail brokerage and development firm; Atochem Inc.; and several law firms. Available space in the building is currently listed online with an asking price of $23 per sf. The building itself is located at a four-way interchange of Route 208 in Bergen County, near several other major highways.
"Middle-market investment sales transactions under $15 million, like this one, represent a growing area of business for us," Donnelly says, noting that his group has expanded its focus in that direction. "Strong bidding interest in properties like 266 Harristown Rd. illustrates the potential of this niche."
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