Oak Hill Park in Wayne — Courtesy: CBRE
By Joshua Burd
A landlord has sold a roughly 122,000-square-foot office complex in Wayne for nearly $11 million, according to brokers with CBRE who orchestrated the deal.
The firm on said Wednesday that it represented Grove Associates in its sale of the two-building complex, Oak Hill Park, an 82 percent leased property along Route 23. The brokers also procured the buyer, Chopp Holdings, which paid $10.8 million for the property.
The CBRE Institutional Properties team of Jeffrey Dunne, Jeremy Neuer and Travis Langer collaborated on the investment sale with Robert L’Abbate of CBRE Capital Markets and Brian Godau of CBRE’s Advisory & Transaction Services team.
“Oak Hill Park provides stable cash flow along with an excellent rebranding opportunity to improve the lobby, lighting and common areas,” Dunne said. “This coupled with an average tenant size of 3,342 square feet offers limited downside with good upside from further leasing and rent growth.”
Oak Hill Park, which consists of two glass façade office buildings totaling 122,426 square feet, features tenants including medical and professional services companies. The property is anchored by Merrill Lynch and North Jersey Spine, with a mix of 30 tenants that CBRE said offers diversity and stable cash flow.
The firm also touted the opportunity for increased net operating income through further lease-up.
