30 Independence Blvd. in Warren — Courtesy: Cushman & Wakefield
By Joshua Burd
Signature Acquisitions has added to its New Jersey office holdings with its purchase of a more than 207,000-square-foot property in Warren, in a deal arranged by Cushman & Wakefield.
The brokerage team represented an unnamed seller in the transaction at 30 Independence Blvd., which was 52 percent leased at the time of the sale. Cranford-based Signature paid an undisclosed sum for the 207,252-square-foot property off Interstate 78, Cushman said, adding that it has undergone extensive renovations and has amenities such as a grab-and-go café service, a Peloton-equipped fitness center, an 80-seat conference facility and covered parking.
C&W’s David Bernhaut, Frank DiTommaso, Maia Sirabian and Bill Baunach listed the property for sale and secured the buyer, noting that the potential redevelopment or demolition of nearby antiquated office buildings could only help 30 Independence Blvd. The firm’s Brad Domenico arranged acquisition financing on Signature’s behalf.
“Most office acquisitions these days are intended for redevelopment or alternative use — this is not one of them,” DiTommaso said. “The marketing process for 30 Independence was robust, with strong interest from office investors who recognized the building’s future as a premier facility within the local submarket. 30 Independence has separated itself from the local landscape given its history of institutional ownership, general overall quality and solid in-place cash flow.”
Home to six tenants, the property is also a five-minute drive from Interstate 287 and is surrounded by dining and retail options such as Dunkin’, Playa Bowls and Starbucks. C&W added that the prior owner made extensive upgrades to the building’s entranceway, patio and walkway areas, as well as monument signage, landscaping and lighting.
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