Gramercy Property Trust has purchased a 107,843-square-foot office building in Lyndhurst, N.J., for $8 million, or $74.2 per square foot, according to Yardi Matrix data. Rugby Realty sold the five-story property after acquiring it back in 2016 for $6.3 million in a 1031 tax deferred exchange.
Located at 1290 Wall St. W., the Class B asset provides easy access to Interstate 95 and is close to Meadowlands Sports Complex. Downtown Lyndhurst is less than 2 miles away. Built in 1981, the suburban building includes 21,572-square-foot floorplates and two elevators. The property includes controlled access and 367 parking spaces. The new owner will also manage the asset, while Cushman & Wakefield will be in charge of leasing.
Late last year, Gramercy Property Trust sold a roughly 300,000-square-foot premier office building in Malvern, Pa. Equus Capital Partners purchased the Class A asset, which serves as the U.S. headquarters for Endo Pharmaceuticals.
Image courtesy of Yardi Matrix