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Cushman & Wakefield Arranges $20 Million Sale of CityView Corporate Center For Rugby Realty

| January 4, 2017 | 0 Comments

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LYNDHURST, N.J., Jan. 4, 2017 – Rugby Realty’s CityView Corporate Center has traded in a $20 million sale orchestrated by Cushman & Wakefield’s Metropolitan Area Capital Markets Group. Alexander Property Holdings purchased the 135,000-square-foot, Class A asset at 160 Chubb Ave. from Rugby Realty Co.

CityView’s position as a fully renovated, well-leased Meadowlands office property with limited rollover exposure drew significant investor interest, according to Cushman & Wakefield’s Gary Gabriel, who headed the transaction with Metropolitan Area Capital Markets team members Andrew Merin, David Bernhaut, Brian Whitmer and Ryan Larkin, along with office leasing specialist Curtis Foster.

Located on eight acres with direct access to routes 17 and 3, CityView Corporate Center was constructed in 1979, and renovated in 2006 and 2012. Rugby Realty, purchased the three-story building in late 2013 and appointed Foster and Cushman & Wakefield’s Jerry Shifrin as exclusive leasing agents. Over the past two years the team brought the property to near full occupancy. CityView Corporate Center’s public transportation access and proximity to Newark Liberty Airport contributed to this success.

“When Rugby acquired CityView Corporate Center, it was only 60% occupied, and as it so often has done with other properties, expediently brought it to near full occupancy and then returned it to the market in a financeable and core condition,” Gabriel noted. “In turn, the new ownership has made a solid investment in the Meadowlands office market, which continues to do very well from a leasing standpoint.”

Added Maurice Ades, Rugby’s Managing Partner, “Cushman & Wakefield was a big part of our success, not only in that it acted in both our acquisition and disposition, but also being our exclusive agent when we stabilized the property.”

Based in East Rutherford, New Jersey, Cushman & Wakefield’s Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, and Fairfield County, Connecticut. The team has completed more than $27 billion worth of transactions since 2000, closing over $3 billion in sales in 2016.

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About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

 

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Evelyn Weiss Francisco
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Caryl Communications
201-796-7788
evelyn@caryl.com

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Category: Cushman & Wakefield of New Jersey, News Releases, Newswire: Latest News

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