Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FORT LEE, NJ-Palisades Financial LLC, an Englewood Cliffs, NJ-based real estate banking and advisory firm, has picked up the 50,000-sf office building located at 2160 North Central Rd. here. The sale price was $6.8 million, a number which factors out to just under $136 per sf.

The seller was North Central Associates LLC, an affiliate of the New York City-based Praedium Group. The deal was put together on behalf of the seller by the CB Richard Ellis New York Tri-State Investment Team, a group within CBRE headed by Jeffrey R. Dunne that specializes in the sale of investment properties in New York’s suburban markets.

Known locally as “the Grant Building,” the property is a value-added buy for Palisades Financial. Located near the confluence of Interstates 95 and 80 and Routes 1 and 9 at the foot of the George Washington Bridge, the building recently underwent significant capital improvements but is currently less than two-thirds occupied. The recent capital improvements were mainly focused on the building’s five-story parking garage, which has a 3.76 per 1,000-sf parking ratio.

“The Grant Building is a highly visible, well-located downtown office building that is currently 63.4% occupied,” confirms Dunne, who collaborated with Richard Danesi of the Saddle Brook, NJ office of CBRE on the deal. “It offers upside for the new ownership through the lease-up of the vacant space.”

One plus is that the building doesn’t rely on a single tenant. The roughly 32,000 sf that is currently occupied is home to a total of 14 tenants in an average of about 2,300 sf each. The occupancy “provides for a balanced lease rollover,” Dunne says.

Dunne’s group has generated more than $732.5 million in investment sales deals year-to-date, this coming on the heels of a 2003 that saw more than $1.1 billion in transactions. Among this year’s deals was the sale of the 139,000-sf net-leased Mellon Financial Building just down the street from the Grant Building.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.