67 Walnut Ave. in Clark — Courtesy: Mountain Development Corp.
By Joshua Burd
A joint venture has sold an office building in Clark after three years of ownership, fetching more than $10.5 million for the recently upgraded, 76,000-square-foot property.
Mountain Development Corp. and Bukiet Building and Management Co. LLC announced Monday that they had sold 67 Walnut Ave., a five-story building off the Garden State Parkway. A private investor acquired the 97 percent occupied, multitenant property for $10.525 million.
The deal follows the joint venture’s acquisition of the complex in 2015 and a series of improvements, including a new roof, new parking lot, new elevators, HVAC updates and the addition of a grab-and-go café.
“Over a three-year period, 67 Walnut Avenue’s occupancy increased from 75 percent to nearly 100 percent,” Michael Bukiet said. “This leasing momentum is a testament to the quality of the asset, as well as MDC’s expertise in coordinating a successful capital improvement strategy.”
The Marcus & Millichap team of Fahri Ozturk, Rick Lechtman, Ben Sgambati and Alan Cafiero represented the seller in the transaction, with assistance from David Zimmel of Zimmel Associates.
“Strong demand for office space in proximity to transit and with upgraded amenities are driving more real estate investors to acquire properties in suburban locales,” said Ozturk, a vice president with Marcus & Millichap. “These assets continue to be a highly sought-after investment type in our region. In the case of 67 Walnut Avenue, we experienced a substantial amount of interest from a range of potential buyers.”
The sellers touted 67 Walnut’s location off Exit 135 of the Parkway and proximity to shopping and dining options, Newark Liberty International Airport, Robert Wood Johnson University Hospital Rahway and Kindred Hospital.