4 Brighton Road, part of a two-building complex in Clifton — Courtesy: Avison Young
By Joshua Burd
A joint venture has sold two Clifton office buildings for more than $13 million after a recent series of interior upgrades, Avison Young announced Monday.
The brokerage firm said the now-former owners, The KABR Group and Capstone Realty Group, sold the properties at 2 and 4 Brighton Road to an undisclosed local investor. The buildings sit at the corner of Bloomfield Avenue and Brighton Road, totaling 103,340 square feet.
The $13.35 million transaction comes after KABR and Capstone updated the interiors by creating built-to-suit suites and by building an on-site café, covered walkways, individual tenant-controlled heating and cooling, according to a news release. Avison Young said the buyer was attracted to the buildings’ diversified tenant base, location and strong in-place cash flow.
“The KABR Group, working closely with our partners at Capstone Realty Group, successfully demonstrated and reaffirmed our value-oriented strategy by repositioning a once-vacant property, investing millions in renovations and upgrades and stabilizing with quality tenancy at 100 percent occupancy,” Michael Goldstein, managing director of The KABR Group, said in a prepared statement. “We were very pleased Jonathan (Kristofich) and the Avison Young team identified a local qualified owner/operator with Essex County expertise that will continue to propel the momentum at the Allwood Atrium.”
Kristofich, a vice president with the brokerage firm, added that both buildings “have been terrific investments for our client, and because of the work they put into their assets, they will continue to have a bright future under new ownership.”
“It is a win-win for all parties,” Kristofich said. “The Route 3 submarket continues to benefit from strong underlying market fundamentals, coupled with above average occupancy and rental rate growth over the last several quarters.
“Given the recent acquisition and redevelopment plan of the former Hoffman La Roche campus, these first-class assets are situated in an area that is ripe for sustained growth. We are excited for the future of the northern New Jersey office market.”
Jeffrey L. Heller, an Avison Young principal and managing director for its New Jersey office, said the complex was built in 1985 and modernized to fit the needs of today’s tenants. The property now includes outdoor seating areas, abundant parking and strong transportation options, along with the dining and retail options of routs 3 and 17.
“Working with Avison Young to complete the sale of these two buildings in Clifton was a pleasure,” said Mitchell Adelstein, managing partner of Capstone Realty Group. “The buyer, who is local to the community, had specific requirements, which Avison Young successfully met. They are extremely pleased with the outcome and are looking forward to ownership of these two new assets.”