-- 365 West Passaic, Rochelle Park, Trades from Onyx/Garrison JV to TAK/Bergman JV --
Colliers International NJ LLC (NASDAQ:CIGI, TSX:CIG) has arranged the sale of a 218,500-square-foot, multi-tenant office property at 365 West Passaic Street in Rochelle Park. A structured joint venture between TAK Group and Bergman Real Estate Group purchased the Class A office asset from Onyx Equities and Garrison Investment Group in an off-market trade.
The Colliers’ Investment Sales Team led by Jacklene Chesler, which includes Patrick Norris, Matthew Brown and Angelo Vitale, based in the global commercial real estate services firm’s Parsippany, N.J., office, represented the seller and procured the buyer for 365 West Passaic Street. Onyx and Garrison initially purchased the asset in September 2017 as part of a Bergen County portfolio acquisition from Mack-Cali. The property is 77.0 percent occupied to a diverse tenant roster from a broad spectrum of industries including retail, healthcare, financial services, engineering, transportation and other professional services.”
“This is a well-located, quality office property with significant upside potential via lease-up of its available space,” Chesler noted. “The price provides the new buyer with an attractive opportunity to leverage its value-add position.” Chesler and Norris helped to arrange bridge debt to ensure the transaction’s timely closing.
The five-story building at 365 West Passaic Street offers a full-service café, vending, building Wi-Fi, bike storage and ample parking. Tenants at the property enjoy a location just one-half mile from the Garden State Plaza, proximate to the Garden State Parkway, I-80, and routes 46, 17, and 4.
“We are extremely excited about our purchase due to the attractive location within the strong Bergen County submarket and proximity to major thoroughfares and New York City,” said President of TAK Group, Kenny Desai. “We plan to execute a substantial capital improvements strategy, including lobby, café and amenity renovations to enhance the quality of the asset and the tenant experience.”
All parties have commented this was a very intricate deal. “All parties demonstrated a laser focus to get this closed in a very short time frame. There was merely a three week window from the time the deal went under contract to the closing date. The professionalism and efforts by both seller and buyer and the lenders to close in this record time were evident in every step of the transaction.” Chesler noted.
Bergen County remains a prime target for the office investment community. The region is a long-time darling for corporate space users, offering an average household income of nearly $120,000; a deep white-collar labor pool; and abundant retail, entertainment and hospitality amenities. Residents and commuters enjoy easy access to major thoroughfares, and an extensive mass transit infrastructure with multiple bus, train and air options in the immediate region.
About Colliers International Group
Colliers International Group Inc.(NASDAQ: CIGI; TSX: CIG) is an industry leading global real estate services company with more than 15,000 skilled professionals operating in 69 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
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