"Upon acquisition of the property, it was 82% leasing," Gaffney says. "We're confident that the remaining vacant units will attract significant demand, and that will translate into a successful lease-up program. Various units are available from 2,000 to 7,500 sf. We continue to see tremendous activity in this submarket."
As reported by GlobeSt.com, Silverman affiliate 25 Hanover Road LLC bought the asset earlier this month from TR Koll Florham Park, an entity controlled by KBS Realty Advisors of Newport Beach, CA. The reported sale price of $16.6 million factors out as approximately $126 per sf. Current tenants include RBC Dain Rauscher, Datacor Inc., Synovate and MediFit.
The property will be managed by SL Management Group, a wholly owned subsidiary of the Silverman Group. The latter is a new, locally based real estate entity formed following the sale of Silver Line Building Products to Andersen Windows and Doors.
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