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Cushman & Wakefield Inks $5.7M Trade of 75 Chestnut Ridge in Montvale, N.J.

| September 7, 2016 | 0 Comments

Cushman & Wakefield of New Jersey, Inc.
One Meadowlands Plaza
East Rutherford, New Jersey 0707375 Chestnut

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Media Contact: Evelyn Weiss Francisco: evelyn@caryl.com / (201) 796-7788 / www.twitter.com/carylcomm

The trade of 75 Chestnut Ridge Road in Montvale marks the continued transformation of a landmark Bergen County corporate neighborhood. Commercial real estate services firm Cushman & Wakefield orchestrated the $5.7 million sale from a private ownership entity to a Big Four professional services firm.

Cushman & Wakefield office brokerage specialist Dan Johnsen, and Metropolitan Area Capital Markets Group team members Andrew Merin, David Bernhaut, Gary Gabriel and Brian Whitmer, marketed the 60,000-square-foot, former Winebow headquarters building on behalf of the owner. Jeff Babikian of CBRE represented the buyer.

“Our goal was to sell the property to a user,” Johnsen said. “The buyer is planning to completely renovate the building.”

Beyond Cushman & Wakefield’s success in finding a tenant with a local 60,000-square-foot requirement, this transaction is significant in that it punctuates the transformation of the Upper Garden State Parkway Submarket. The neighborhood evolved as a corporate hub housing numerous headquarters and Class A office buildings.

“A number of properties have come onto the market in recent years, and today we are seeing them renovated and retenanted, or repurposed,” Johnsen said. “This is a changing market. Memorial Sloan Kettering purchased the former Teva Pharmaceuticals property and is converting it to a state-of-the-art cancer treatment facility. The Mercedes Benz campus is under contract and targeted for mixed-use redevelopment, which will complement the adjacent Wegmans development site. Chestnut Ridge Road was recently rezoned as of right for assisted living. New retail and residential developments are being introduced. Within this context, 75 Chestnut Ridge Road has also found its next chapter.”

Johnsen is based in Cushman & Wakefield’s East Rutherford, N.J., office. The firm’s Metropolitan Area Capital Markets Group, also based in East Rutherford, specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., Pennsylvania, and Delaware. The team has completed $23 billion worth of transactions since 2000, closing on $2.0 billion in 2015.

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

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