{"id":1004031696,"date":"2011-08-18T05:45:41","date_gmt":"2011-08-18T13:45:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004031696"},"modified":"2022-12-08T14:59:49","modified_gmt":"2022-12-08T22:59:49","slug":"78m-journal-square-building-in-jersey-sold-to-israeli-investors","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/78m-journal-square-building-in-jersey-sold-to-israeli-investors\/","title":{"rendered":"$78M Journal Square Building in Jersey Sold to Israeli Investors"},"content":{"rendered":"<p><strong>August 18, 2011<\/strong><br \/>\n<em>By Nicholas Ziegler, News Editor<\/em><br \/>\n<a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/08\/081811-2-Journal-Square-Jersey-City.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004031697\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/78m-journal-square-building-in-jersey-sold-to-israeli-investors\/081811-2-journal-square-jersey-city\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/08\/081811-2-Journal-Square-Jersey-City.jpg\" data-orig-size=\"650,673\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"081811 &#8211; 2 Journal Square Jersey City\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/08\/081811-2-Journal-Square-Jersey-City.jpg?w=650\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/08\/081811-2-Journal-Square-Jersey-City.jpg\" alt=\"\" title=\"081811 - 2 Journal Square Jersey City\" width=\"150\" height=\"150\" class=\"alignright size-thumbnail wp-image-1004031697\" \/><\/a><\/p>\n<p>In a $78 million transaction, Israel-based Gaia Real Estate purchased the nine-story 2 Journal Square property in Jersey City, N.J., from Hartz Mountain Industries. The 325,000-square-foot Class A building is fully leased to Broadridge Financial Solutions, a spinoff of ADP, the payroll- and human-resources firm.<\/p>\n<p>Gaia, repped by Cushman &amp; Wakefield\u2019s New Jersey office, has been searching for a suitable investment property in the United States and found its mark in the 1987-era building. \u201cBecause Israel is a small country and they don\u2019t have very many investment-worthy properties,\u201d Cushman &amp; Wakefield vice chairman Andrew Merin told Commercial Property Executive, \u201ca U.S. property was where they felt comfortable putting their money.\u201d<\/p>\n<p>And the location, which Marin calls \u201cthe sixth borough of New York\u201d due to its proximity to both New York City and a major transportation hub, will likely keep the building at the forefront of desirable properties. The Port Authority of New York and New Jersey operates both bus and train service from the same plaza as the Journal Square property. <\/p>\n<p>\u201cWe had previously marketed the property, but we sold it in an off-market situation,\u201d Marin said. \u201cWe came to terms at the end of last year but it took some time to work out the details.\u201d And one of those details was rather large: Included in the $78 million purchase price as a $38 million loan assumption. But he sees the sale as a good investment, adding that \u201cthe whole cost of doing business in New Jersey is less than it is in Manattan.\u201d <\/p>\n<p>Broadridge\u2019s lease is set to expire in 2018, with a long-term renewal anticipated.  <\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a $78 million transaction, Israel-based Gaia Real Estate purchased the nine-story 2 Journal Square property in Jersey City, N.J., from Hartz Mountain Industries.<\/p>\n","protected":false},"author":1201,"featured_media":1004031697,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21742,10,21747],"tags":[],"class_list":["post-1004031696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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