NGKF Capital Markets is pleased to announce the sale of 2 University Plaza in Hackensack, New Jersey on behalf of GE Credit Equities (GE). The building, which was purchased by Venture Hackensack LLC for $10.25 million, is 72 percent occupied and consisted of 33 tenants at the time of the sale. NGKF Capital Markets Executive Managing Director Steven Schultz, Managing Director Tony Georgiev and Director Josh Malka, along with Managing Director Blake Goodman, served as the leasing specialist represented the seller.
“We are very pleased with the execution of this sale and the attractive price we were able to secure on 2 University Plaza on behalf our client,” said Schultz. “The buyer recognized the unique value-add investment opportunity offered by the property. With superior amenities, a diverse array of tenancy and benefits from its location in one of the region’s most desirable corporate corridors, the new owner will have the ability to capture rent upside by implementing strategic upgrades to the building.”
2 University Plaza features 148,453 rentable square feet and comprises six stories of 25,000-square-foot floor plates, which is ideal for small or large tenants. The facility offers on-site management, a cafeteria, flexible build-to-suit and FIOS enabled suites, 24/7 card-key access and evening manned security. The 6.12-acre property is separated into two lots by Temple Avenue, with the office facility on parcel one and 490 parking spaces on parcel two, 134 of which are shared with The Learning Center Childcare Center.
Centrally located in Hackensack’s primary office park and adjacent to Hackensack Avenue, 2 University Plaza provides easy access to New York and the entirety of New Jersey, through its proximity to the Anderson Street and Essex Street train stations. The property is also accessible from Routes 4 and 80, the Garden State Parkway, the New Jersey Turnpike and the George Washington Bridge.
With over 150 firms in the area, along with the Bergen County Justice Center and County Government buildings, the location is ideal for law firm tenants. Neighborhood amenities include a variety of regional and national retailers such as The Shops at Riverside, anchored by Bloomingdales and Barnes & Noble. The mall has claimed the title of North Jersey’s premier luxury shopping destination several times in its 38-year history. Dining options at The Shops at Riverside include The Cheesecake Factory, Houston’s, Maggiano’s, Morton’s The Steakhouse, P.F. Chang’s, Rosa Mexicana and The Oceanaire Seafood Room.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.