The Executive Hill Portfolio in West Orange — Courtesy: HFF
By Joshua Burd
A four-building, 403,379-square-foot office park has hit the market in West Orange.
The property, known as the Executive Hill Portfolio, is being marketed by sale by brokers in HFF’s Parsippany office. The marketing team said the property is 48 percent leased, with 125,000 square feet rolling to market between September 2016 and December 2017, and has “significant upside” for redevelopment because of the size and location of the site.
While the campus is not currently zoned for residential or retail development, the 31-acre contiguous block of land serves as “an excellent site” for a new use, HFF said. The portfolio sits just off Exit 8A of Interstate 280, between Mount Pleasant Avenue and Eagle Rock Avenue, in the affluent Essex County suburbs and within a growing retail submarket.
HFF noted that nearly 76 percent of the population within a three-mile radius of the property are renters while only 24 percent are owners. At the nearby I-280 interchange, there is a daily traffic count of some 30,000 vehicles.
For office investors, HFF touted the “ability to purchase a four-building office park at an irreplaceable location at a very attractive basis.” The firm said the property “is well-positioned to capitalize on the mark-to-market upside potential of existing leases as rents are approximately 20 percent below market,” adding that it has well-designed floorplates adaptable for single or multitenant uses.
The portfolio includes:
- 10 Rooney Circle: 70,913 square feet
- 100 Executive Drive: 93,410 square feet
- 200 Executive Drive: 109,760 square feet
- 300 Executive Drive: 129,296 square feet
The portfolio will be sold free and clear of any existing debt, HFF said.
The HFF marketing team, which is handling the assignment on an exclusive basis, includes Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jordan Avanzato, Stephen Simonelli and Michael Oliver. Jon Mikula is heading the financing effort.
