CityView Corporate Center at 160 Chubb Ave. in Lyndhurst — Courtesy: Cushman & Wakefield
By Joshua Burd
The owner of a Lyndhurst office building has sold it for $20 million, following its acquisition of the property in 2013 and an effort to bring it to nearly full occupancy.
Cushman & Wakefield announced Thursday that it represented the seller, Rugby Realty, in the trade of the 135,000-square-foot building at 160 Chubb Ave. Alexander Holdings purchased the property known as CityView Corporate Center, which is minutes from route 3 and 17.
Gary Gabriel headed the transaction for C&W’s Metropolitan Area Capital Markets Group, along with team members Andrew Merin, David Bernhaut, Brian Whitmer and Ryan Larkin and office leasing specialist Curtis Foster.
In a prepared statement, Gabriel said CityView’s position as a fully renovated, well-leased Meadowlands office property with limited rollover exposure drew significant investor interest. The three-story complex was constructed in 1979 and renovated in 2006 and 2012.
“When Rugby acquired CityView Corporate Center, it was only 60 percent occupied, and as it so often has done with other properties, expediently brought it to near full occupancy and then returned it to the market in a financeable and core condition,” Gabriel said. “In turn, the new ownership has made a solid investment in the Meadowlands office market, which continues to do very well from a leasing standpoint.”
Rugby Realty made the acquisition in late 2013 and appointed Foster and Cushman & Wakefield’s Jerry Shifrin as exclusive leasing agents, according to a news release. The team has since brought the property to near full occupancy, drawing tenants with the building’s public transportation access and proximity to Newark Liberty Airport.
“Cushman & Wakefield was a big part of our success, not only in that it acted in both our acquisition and disposition, but also being our exclusive agent when we stabilized the property,” said Maurice Ades, Rugby’s managing partner.
