55 Challenger Road in Ridgefield Park — Courtesy: Cushman & Wakefield
By Joshua Burd
The KABR Group and Kushner Cos. have sold a nearly 270,000-square-foot office building in Ridgefield Park, in a newly completed transaction by Cushman & Wakefield.
The buyer, The Birch Group, paid an undisclosed price for the property at 55 Challenger Road. C&W’s New Jersey capital markets team represented the sellers, citing their leasing success and the building’s location at the confluence of Interstate 95 and Route 46.
“This asset offered everything that a forward-looking owner like The Birch Group appreciates in an investment opportunity,” said David Bernhaut, an executive vice chairman with C&W. “The tenants in place have long-term leases that provide stability and predictable cash flow, which is reflective of the significant capital improvements and aggressive lease-up strategy made by KABR and Kushner.”
Bernhaut completed the transaction alongside Andrew Merin, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Larkin. C&W brokers William O’Keefe and Kelsey Nakamura also supported the assignment as the leasing agents at the 269,720-square-foot property.
In a news release, the firm said 55 Challenger Road is part of Overpeck Corporate Center, a 60-acre mixed-use development just east of Interstate 95. The campus, home to Samsung’s North American headquarters, features amenities such as a fitness center, a covered parking garage, 24/7 security, on-site management, a cafeteria and a conference center.
The deal marks The Birch Group’s second announced acquisition this week. On Tuesday, brokers with JLL announced that the investment firm and Vision Properties acquired 180 Park Ave., a 228,000-square-foot office building in Florham Park.
“We approached this acquisition with the goal of diversifying our portfolio by adding an excellent asset with a strong tenant roster and upside potential,” said Mark Meisner, The Birch Group’s president.