{"id":1004186390,"date":"2017-08-09T04:52:17","date_gmt":"2017-08-09T12:52:17","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004186390"},"modified":"2021-05-14T23:52:26","modified_gmt":"2021-05-15T07:52:26","slug":"pair-of-nj-office-buildings-trade-for-21m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pair-of-nj-office-buildings-trade-for-21m\/","title":{"rendered":"Pair of NJ Office Buildings Trade for $21M"},"content":{"rendered":"<p>By Corina Stef<\/p>\n<div id=\"attachment_1004186392\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/sss.png\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004186392\" data-attachment-id=\"1004186392\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/pair-of-nj-office-buildings-trade-for-21m\/sss\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/sss.png\" data-orig-size=\"991,743\" 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=\"150 and 200 Meadowlands Parkway, Secaucus, N.J.\" data-image-description=\"&lt;p&gt;150 and 200 Meadowlands Parkway, Secaucus, N.J.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;150 and 200 Meadowlands Parkway, Secaucus, N.J.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/sss.png?w=991\" loading=\"lazy\" class=\"wp-image-1004186392 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/sss.png\" alt=\"150 and 200 Meadowlands Parkway, Secaucus, N.J.\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/sss.png 991w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/sss.png?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/sss.png?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004186392\" class=\"wp-caption-text\">150 and 200 Meadowlands Parkway, Secaucus, N.J.<\/p><\/div>\n<p>Alma Realty has acquired two Secaucus, N.J., office buildings totaling 212,666 square feet of space. The properties changed hands in a $21 million deal and were purchased out of foreclosure from special servicer Rialto Capital, Yardi Matrix data shows. The previous owner defaulted on a $24.1 million loan and the transaction was brokered by CBRE.<\/p>\n<h2>Diverse\u00a0tenant roster<\/h2>\n<p>The properties are located at 150 and 200 Meadowlands Pkwy., and were built in 1980. They are 77 percent leased and have a 41,400-square-foot vacancy. The assets house the headquarters of Schiavone Construction and VXchange\u2019s data center. Other tenants include Ashley Stewart, Cory 1st Choice Home Delivery, Image Processing Systems and Frontage Laboratories.<\/p>\n<p>Located in the immediate proximity of routes 3, 5 and 395, and the New Jersey Turnpike, the facilities provide tenants with easy access throughout the area. The New Jersey Transit bus and Secaucus Junction Station link the area to Manhattan, which is 15 minutes away. Nearby amenities include retailers, eateries, hotels and residential communities.<\/p>\n<p>CBRE Institutional Properties Vice Chairman Jeffrey Dunne and Senior Vice President Jeremy Neuer,\u00a0assisted by Senior Vice President Geoffrey Schubert, represented both parties in the transaction.\u00a0<\/p>\n<p>\u00a0\u201c<em>150 &amp; 200 Meadowlands is highly proximate to the Lincoln Tunnel and Manhattan and provides secure cash flows from long term leases along with opportunity to grow NOI through further lease up,<\/em>\u201d Dunne said in a prepared statement.<\/p>\n<p>Dunne and Neuer also recently brokered the sale of <a href=\"https:\/\/www.commercialsearch.com\/news\/nj-office-asset-sells-in-17m-deal\/\">New Jersey office asset<\/a>\u00a04 Becker Farm Road in Roseland.<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Alma Realty acquired the buildings out of REO through a sale arranged by CBRE, after the previous owner defaulted on a $24.1 million loan. The assets are 77 percent leased and offer 41,400 square feet of vacant space. <\/p>\n","protected":false},"author":241,"featured_media":1004186392,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1600,21742,10,21747],"tags":[37151,32789,33028],"class_list":["post-1004186390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-new-york","category-latest","category-northeast","category-office","tag-alma-realty","tag-cbre","tag-rialto-capital-management"],"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>Pair of NJ Office Buildings Trade for $21M - 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\/pair-of-nj-office-buildings-trade-for-21m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pair of NJ Office Buildings Trade for $21M\" \/>\n<meta property=\"og:description\" content=\"Alma Realty acquired the buildings out of REO through a sale arranged by CBRE, after the previous owner defaulted on a $24.1 million loan. 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