RIDGEFIELD PARK, NJ-In the past month KABR Real Estate Investment Partners has acquired two buildings from Hartz Mountain Industries at Overpeck Center on Challenger Road here in an effort to reinvigorate the ailing office park here.
The deals for a 150,000-square-foot office building and a 165,000-square-foot office building were valued at $16 million.
Locally based KABR, which specializes in distressed properties, now owns four office buildings on Challenger Road, investing approximately $60 million to purchase and renovate properties at the Overpeck Center development, said Adam Altman, a KABR co-founder and managing member.
"We expect to spend another $35 million to $40 million once the park is at full occupancy and all amenities and upgrades are in place," Altman said. See story in The Record.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.