EAST RUTHERFORD, NJ—Vision Properties/ArenaCapital has acquired the high-rise office toweracross from MetLife Stadium and the American Dream retail projectfor $108.7 million.
CBRE Group Inc.'s institutional propertiesteam, which is announcing the transaction this morning, arrangedthe sale for California-based KBS REITII, which had acquired thebuilding in 2011.
The 15-story tower at One Meadowlands Plaza is a LEEDGold-certified building that drew new tenants even during thedismal real estate years of 2009-10, saysCBRE's Jeffrey Dunne, a member of theteam that brokered the sale. The 423,343-square-foot building hasbeen a strong post-recession performer, he says, with rents up 10%since 2012.
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