$4M Takes 52,000-SF Office

NEWARK, NJ-The eight-story office building at 9-11 Hill Dr. here has been sold for $4 million. The asset, which consists of 42,000 sf of offices on the top seven floors and 10,000 sf of retail on the ground, traded for just less than $77 per sf. The building was vacant at the time of closing.

The buyer, not otherwise identified, is a local investor group; and seller was 9-11 Hill Street LLC. Both sides in the all-cash deal were represented by Joni Sweetwood, vice president of the Woodbridge, NJ-based Kislak Co.

“This sale reflects the excitement surrounding the transformation of Newark and the demand for investment product here,” Sweetwood says. “This early-1900s building is full of stunning aesthetics, from an art deco lobby and marble floors to an old ballroom. The new owner has plans to renovate the building while keeping the original historic and unique design and feel.”

The downtown building is not far from the new Prudential Center, and its top floors have views of that venue. The new owners plan to target law firms for the vacant space, given its location near municipal and county courts.

The sale comes just days after Sunrise Newark Development put a similar nearby building up for sale. The asking price for the nine-story, 50,000-sf office building at 972 Broad St. is just less than $5.3 million, and it’s been listed with the New York City-based Eastern Consolidated.