150 Meadowlands Pkwy. in Secaucus — Courtesy: CBRE Group Inc.
By Joshua Burd
A real estate investment firm has reaped $21 million from the sale of two office buildings in Secaucus, following a transaction brokered by CBRE Group Inc.
The multitenant buildings, 150 and 200 Meadowlands Pkwy., total nearly 213,000 square feet and are 77 percent leased, according to a news release. CBRE represented the seller, Rialto Capital, while also procuring Alma Realty as the buyer.
The complex serves as the headquarters of Schiavone Construction, a subsidiary of Dragados S.A., one of the largest Spanish construction contractors in the world, along with Ashley Stewart, Cory 1st Choice Home Delivery and Image Processing Systems. The real estate services firm said the 41,400 square feet of vacancy provides significant upside from further leasing.
Jeffrey Dunne and Jeremy Neuer of CBRE Institutional Properties collaborated with Geoffrey Schubert in the transaction. In a prepared statement, Dunne said the site “is highly proximate to the Lincoln Tunnel and Manhattan and provides secure cash flows from long-term leases along with opportunity to grow NOI through further lease up.”
The property is just three minutes from Route 3 and five minutes from the New Jersey Turnpike, with mass transit connectivity via NJ Transit bus stops outside the building and train service at Secaucus Junction, CBRE said. The firm also touted the site’s proximity to the mixed-use Meadowlands Parkway and Harmon Meadow developments.