Morris Corporate Center IV in Parsippany — Courtesy: Newmark Knight Frank
By Joshua Burd
Newmark Knight Frank is marketing four office and industrial properties for sale in northern and central New Jersey, along with a construction-ready development site in Bergen County.
The assets are among seven properties that a NKF tristate capital markets team is marketing in the region about 90 days after joining the firm, according to a news release. The estimated market value for the assignments totals $175 million, spanning 750,000 square feet of office space and 1.3 million square feet of industrial property.
The New Jersey properties include:
- Morris Corporate Center IV in Parsippany, in what NKF says is a value-add opportunity “to acquire a market-leading office property” with two, five-story trophy office buildings totaling 359,671 square feet connected by a signature, central four-story glass atrium
- Ramsey Office Centre at 500 North Franklin Turnpike in Ramsey, which is a 138,386-square-foot Class A office building that is 49 percent leased to office and medical tenants and features a parking space ratio of 4.9 per 1,000 square feet. NKF said the offering comes with the opportunity to reposition the property and increase net operating income from around $400,000 to $1.8 million.
- 600 and 700 Horizon Center Drive in Hamilton, a two-building, 100 percent net leased office portfolio made up of a 95,000-square-foot, single-story office building that is 100 percent triple-net leased to Verizon Communications, plus a 120,000-square-foot office building that is 100 percent triple net leased to AAA Mid-Atlantic
- The Tulfra Real Estate industrial portfolio in northern New Jersey, made up of four 100 percent net leased buildings totaling 254,000 square feet and providing passive income and stable, increasing yields through contractual rent increases and nine years of remaining term
- The Pfister land site, an 18.73-acre construction-ready industrial development site in Ridgefield that can accommodate some 275,000 square feet of warehouse and distribution space. The property is strategically located on Route 46 in the Meadowlands, on what NKF says is Bergen County’s largest remaining parcel of developable land
“We are delighted with the team’s momentum in its early days at NKF and have high expectations that the tristate team is becoming a market leader,” said David Simson, NKF’s vice chairman and chief operating officer for New Jersey.
A team led by Kevin Welsh and Brian Schulz joined NKF this past spring, providing a boost to the firm’s capital markets platform in New Jersey and the tristate region.
“We are very excited to be off to a strong start in our first three months with NKF,” said Welsh, an executive managing director with the firm. “The depth and breadth of these assignments, from three portfolios and trophy value-add office to land sales, clearly demonstrates our clients’ confidence in our ability to execute on this diverse profile of transactions.
“We look forward to building upon this momentum and growing the business at NKF.”
The other assignments include a New York Life industrial portfolio, made up of 550 Research Parkway and 160 Corporate Court in Meriden, Connecticut. The buildings total 579,426 square feet and are 100 percent net leased to three tenants, including global corporations Sports Direct and Aplicare.
NKF is also marketing 611-617 West Johnson Ave. in Cheshire, Connecticut, a four-building, 208,640-square-foot industrial complex located at the crossroads of interstates 84 and 691. The building is 52 percent leased and provides “substantial upside with flexibility to capture a wide array of tenant demand,” the news release said.
“The collaboration between our various offices is a large part of what makes NKF a true leader in the industry,” said NKF Executive Vice President Michael Cottle, manager of the Connecticut and Westchester County, New York, region. “The success of our expanded, regional Capital Markets group and its strong activity in their first 90 days with the firm reflects this notion. We are particularly excited about the industrial-segment activity in the past three months.”