{"id":1004181198,"date":"2017-06-20T22:53:24","date_gmt":"2017-06-21T06:53:24","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004181198"},"modified":"2021-05-14T23:25:51","modified_gmt":"2021-05-15T07:25:51","slug":"jersey-city-office-building-sells-for-20m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jersey-city-office-building-sells-for-20m\/","title":{"rendered":"Jersey City Office Building Sells for $20M"},"content":{"rendered":"<p>By Corina Stef<\/p>\n<div id=\"attachment_1004181199\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/pavonia.png\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004181199\" data-attachment-id=\"1004181199\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/jersey-city-office-building-sells-for-20m\/pavonia\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/pavonia.png\" data-orig-size=\"1011,758\" data-comments-opened=\"0\" 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;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"600 Pavonia Ave., Jersey City, N.J.\" data-image-description=\"&lt;p&gt;600 Pavonia Ave., Jersey City, N.J.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;600 Pavonia Ave., Jersey City, N.J.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/pavonia.png?w=1011\" loading=\"lazy\" class=\"wp-image-1004181199 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/pavonia.png\" alt=\"600 Pavonia Ave., Jersey City, N.J.\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/pavonia.png 1011w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/pavonia.png?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/pavonia.png?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004181199\" class=\"wp-caption-text\">600 Pavonia Ave., Jersey City, N.J.<\/p><\/div>\n<p>Full-service real estate firm Rhodium Capital Advisors purchased an eight-story, 85,000-square-foot office building for $20 million. The asset is located at 600 Pavonia Ave. in Jersey City, N.J. and the owner has embarked on a $3 million renovation program that involves capital expenditures and tenant improvements.<\/p>\n<h2>Buzzing neighborhood<\/h2>\n<p>According to PropertyShark, the building was constructed in 1991 and sits on a 0.2-acre parcel, located in the city\u2019s Journal Square neighborhood. The asset is bounded by residential towers and <a href=\"https:\/\/www.commercialsearch.com\/news\/economy-watch-nonresidential-building-pipeline-stronger-in-october\/\">new developments<\/a> such as One Journal Square, 3 Journal Square and 30 Journal Square. Neighboring amenities include banks, schools and eateries. Transportation is facilitated by the Journal Square PATH station and New York City is a 15-minute drive away.<\/p>\n<p>Tenants include Labcorp, Pavonia Surgery Center, the Institute for Health Education and Hudson Eye Physicians &amp; Surgeons, to name a few.<\/p>\n<p>&#8220;<em>We are pleased to have been able to not only acquire this prime property, but also to have immediately improved its value by securing leases with a diverse mix of new commercial tenants,&#8221;<\/em>\u00a0Rhodium Capital Advisors Managing Principal Daniel Shragaei said in a prepared statement. &#8220;<em>By leveraging our vast experience and relationships across both real estate and finance, we expect to execute similar value-add strategies at additional properties in Jersey City and other emerging corners of the New York Metro area.&#8221;<\/em><\/p>\n<p><em>Image via GoogleMaps<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rhodium Capital Advisors acquired 600 Pavonia Ave., an 85,000-square-foot office building situated in Jersey City\u2019s Journal Square neighborhood. The asset is set to undergo $3 million renovations. <\/p>\n","protected":false},"author":241,"featured_media":1004181199,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,1600,21742,10,21747],"tags":[36270,36271],"class_list":["post-1004181198","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-600-pavonia-ave","tag-rhodium-capital-advisors"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Jersey City Office Building Sells for $20M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/jersey-city-office-building-sells-for-20m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jersey City Office Building Sells for $20M\" \/>\n<meta property=\"og:description\" content=\"Rhodium Capital Advisors acquired 600 Pavonia Ave., an 85,000-square-foot office building situated in Jersey City\u2019s Journal Square neighborhood. 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