"Mountain Development and Meritage Properties should fare well with the asset because of its stable, in-place, credit income coupled with minimal lease rollover from a diversified tenancy," says Jeffrey Dunne of CB Richard Ellis. Dunne and CBRE New York Tri-State Investment Team colleagues Kevin Welsh and Jeffrey Oram orchestrated the deal.
Much of the building is occupied by North Jersey Media Group (73,458 sf), a major publishing company whose publications include the Bergen Record, and PNC Bank (48,865 sf). Other tenants include the firms of Norton Arpert Sheehy & Higgins, Klein Insurance Services and Kalman Harris Geist. At the time of sale, the building was 82.8% leased.
"One Garrett is a strategic acquisition for Mountain Development Corp., which owns Three and Five Garrett, the other two assets in the park," Oram says. "As the managing agent, they will be able to achieve economies of scale in their operations and greater flexibility for their tenants."
Hampshire acquired the building in 2000 for $14.7 million as part of the initial round of acquisitions by the then newly formed private investment fund management company.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.