Continental Plaza in Hackensack. – Courtesy: Colliers International
By Joshua Burd
A joint venture has paid $63 million to acquire the Continental Plaza office complex in Hackensack, in a deal orchestrated by brokers with Colliers International.
The real estate services firm announced Wednesday that Capstone Realty Group and JD Cos. had purchased the three-building, 650,000-square-foot property at Route 4 and Hackensack Avenue. The seller was a Miami-based special servicer, Colliers said, describing it as Bergen County’s largest office trade this year.
“Continental Plaza is one of the most prominent office developments in northern New Jersey, and its offering drew significant investor interest,” Jacklene Chesler, senior managing director with Colliers and head of the firm’s New Jersey investment sales practice, said in a prepared statement. “We received more than 15 qualified offers, reflecting the overall health of the market and the continued appeal of well-located suburban office product with strong repositioning potential.”
Located at 401, 411 and 433 Hackensack Ave., Continental Plaza is 72 percent leased, Colliers said in a news release. More than $16.5 million in capital improvements have been completed there over the past four years, and Chesler pointed to its “access, superior visibility and on-site and surrounding amenities,” such as Riverside Square Mall across the street.
She added that the new ownership group “brings with it past involvement with this asset, deep experience in the northern New Jersey market, and an impressive track record of property turnarounds.”
David Simon, New Jersey market leader with Colliers, praised Chesler for brokering the $63 million sale.
“Jackie and her team did an exceptional job developing, implementing and ultimately executing the marketing plan for this important assignment,” said Simon, an executive managing director with the firm. “There was total alignment between Jackie and her client throughout the transaction process which led to the desired outcome.”
