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NGKF Capital Markets recently completed sales transactions in Central New Jersey that underscore increasing investor confidence in the region’s office market, which has benefited from growing tenant demand and a strengthening economy.
“Investors are seeking stabilized and value-add assets that will get a boost from the steadily improving office environment in Central New Jersey,” said Steven Schultz, executive managing director with NGKF Capital Markets. “This year, we expect to see plenty of liquidity from investors, given the unflagging low interest-rate environment, and continued sales activity in the region.”
In the most recent example, Mr. Schultz, along with Senior Managing Directors Dave Dolan and Michael Margolis, and Managing Directors David Colen and Tony Georgiev, represented the sellers, Invesco Real Estate and Onyx Equities, LLC, in the recent disposition of Edison Square West at 2035 Lincoln Highway in Edison, N.J.
An entity controlled by the Friendwell Group of Companies, which owns other office assets throughout Central New Jersey, acquired Edison Square West, plus an adjacent, developable site for $10 million.
Built in 1986 and renovated in 2008, the 96,664-square-foot, Class A building is located in the Edison Square Office Complex and was 94-percent occupied at the time of the transaction. It offers an above-market parking ratio, a helipad and a full-service, 170-room Crowne Plaza Hotel and Christie’s Steakhouse across the courtyard. The complex easily accesses Route 27, Interstate 287, the Garden State Parkway and the New Jersey Turnpike.
“Along with our partner, Invesco, we are pleased with the effort and execution of this transaction by NGKF’s tri-state capital markets team, especially given the location of the asset in one of the more challenged submarkets in the region,” said Jonathan Davis, senior vice president of investments at Onyx Equities. “Their performance exceeded our expectations.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 330 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.