Continental Plaza at 401, 411 and 433 Hackensack Ave. in Hackensack — Courtesy: CBRE
By Joshua Burd
A joint venture has sold a well-known office complex in Hackensack for $123 million, in the largest of four year-end investment sales in New Jersey by CBRE’s institutional properties team.
Brokers with the firm announced a flurry of high-profile deals in December, highlighted by the sale of the three-building, 648,000-square-foot property known as Continental Plaza. CBRE represented Capstone Realty Group and JD Cos. in the transaction at 401, 411 and 433 Hackensack Ave., coming just over three years after the joint venture purchased the complex for $63 million and launched a series upgrades.
“Continental Plaza capped a strong year of nearly $3 billion in sales,” said Jeff Dunne, a vice chairman with CBRE, who leads a tristate institutional properties team that also includes Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer and Zach McHale.
The buyer, Lionstone, is the same firm that acquired Park 80, a 510,126-square-foot office complex in Saddle Brook, in summer 2018 for nearly $116 million.
“Continental will be an accretive acquisition for Lionstone in light of their ownership of nearby Park 80 in Saddle Brook,” Dunne added. “We are delighted to close Continental in 2019 and have several more exciting deals in the pipeline for 2020.”
The CBRE team also closed the sale of 99 and 119 Cherry Hill Road, a two-building campus in Parsippany. The firm represented the undisclosed seller of the 191,249-square-foot portfolio, which was acquired by The Birch Group for an undisclosed price.
In Paterson, the team represented Mountain Development Corp. in the sale of 100 Hamilton Plaza, a 181,995-square-foot office tower in the city’s downtown. A private New York City-based investor purchased the building for $15.25 million.
“Closing three deals that encompassed seven buildings total made for a busy holiday season,” said Neuer, an executive vice president with CBRE. “Each of our clients had very different investment strategies, but all had the same objective which was to get these deals closed. Helping each of them execute their strategy was a great way to finish 2019.”
CBRE also represented the seller in another building acquired by The Birch Group, 72 Eagle Rock Ave. in East Hanover. The 140,705-square-foot property changed hands for an undisclosed price.