River View Office Center at 3 University Plaza Drive in Hackensack — Courtesy: Cushman & Wakefield
By Joshua Burd
Mountain Development Corp. has sold a nearly 227,000-square-foot office building in Hackensack, in a transaction arranged by Cushman & Wakefield.
According to the brokerage team, a joint venture paid an undisclosed sum for the fully leased River View Office Center at 3 University Plaza Drive. The partnership included Joyland Group LLC, the real estate arm of Hamilton Eastman, an asset management company managed by Joel Wertzerger and Jack Wolcowitz, and Tissa Management, led by veteran real estate investor Howie Hershkovich.
C&W’s Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso and Max Helfman represented the seller.
“The fundamentals in Hackensack continue to remain solid, with tenant demand predominantly in the medical and law fields,” DiTommaso said. “River View Office Center has become a great option for tenants seeking quality product with abundant on-site parking.”
In a news release, C&W said the six-story, 226,610-square-foot building is home to 20 tenants. The property boasts recent updates and improvements and features a full-service cafeteria, a newly implemented conference center, an outdoor courtyard with seating and a fountain, walking paths along the Hackensack River.
River View Office Center also has fully repaved parking areas and riverfront office views.
“Mountain Development did an excellent job improving occupancy and re-stabilizing the property and the buyer will benefit from substantial in-place cash flow,” Bernhaut said.
