"The buildings are opposite the Woodbridge Center shopping mall," Dinner says. "Signage opportunities also create a high visibility factor, and common area renovations are under way."
Those renovations, costing approximately $1.5 million, were launched late last year by Ivy Realty Fund I LP and its joint venture partner, Meritage/Oppenheimer Real Estate Value Partners I LP. The partners bought the complex this past September and recapitalized in November.
The property consists of two three-story office buildings of 45,500 sf each, built in 1983. Located at 1460 and 1480 US Route 9 North, the complex currently has a total of 25,000 sf available in units ranging from 2,700 sf to 13,000 sf, according to Dinner. Major tenants include A&E Mortgage Co., Cornerstone Management Solutions and Tax Technology Inc.
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