Ibis Plaza at 2525 Quakerbridge Road in Hamilton — Courtesy: Cushman & Wakefield
By Joshua Burd
An investment group has acquired a two-building, 119,000-square-foot office complex in Hamilton, brokers with Cushman & Wakefield announced Monday.
In a news release, the real estate services firm said IBIS Realty LLC purchased 3525-2525 Quakerbridge Road from a private owner for an undisclosed price. Also known as Ibis Plaza, the single-story buildings were 88 percent occupied by about 75 tenants at the time of the sale, C&W said, showing the appeal of properties with multiple occupiers.
“Ibis Plaza accommodates the market trend toward smaller offices, collaborative spaces and flexible terms,” said Andrew Schwartz, who headed the sale transaction with C&W investment sales specialists Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Ryan Larkin, along with leasing broker Milt Charbonneau.
“The single-story design accommodates varied uses in a market with limited ‘like’ alternatives at competitive pricing.”
Ibis Plaza includes a 26,000-square-foot express office suites component and a 6,700-square-foot event venue available for rent to both tenants and off-site organizations, the news release said. The property is 2.5 miles from an Interstate 295 interchange and two miles from NJ Transit’s Hamilton train station, while NJ Transit bus service is 30 feet from the property entrance.
C&W noted that the offering drew healthy interest from a pool of private regional investors, adding that IBIS Realty was drawn by the property’s diverse tenant profile and upside potential via lease-up of its available space.
“Ibis Plaza is strategically located in the high growth, highly educated Princeton Corridor,” Larkin said. “The same attributes that provide a strong draw for tenants — plentiful neighborhood amenities, surrounding executive housing communities, a highly educated labor pool and proximity to major universities — continue to make this location a prime investment target.”