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N.J. Office Asset Changes Hands in Cushman & Wakefield-Brokered Sale

Cushman & Wakefield of New Jersey, Inc.100 Eagle
One Meadowlands Plaza
East Rutherford, New Jersey 07073

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

EAST HANOVER, N.J., May 5, 2016 – Bergman Real Estate Group has sold 100 Eagle Rock Avenue in East Hanover to Zeinvest Real Estate Group in a sale orchestrated by Cushman & Wakefield’s Metropolitan Area Capital Markets Group. Situated on 8.6 acres within New Jersey’s “Wealth Belt,” this 90,339-square-foot, three-story Class A building drew strong interest from the regional investment community.

The property is 79 percent leased to 11 tenants across various industries – including business consulting, engineering, finance, healthcare, insurance and real estate – and has a strong history of tenant retention..

“100 Eagle Rock Avenue offers stable cash-flow with upside potential,” noted Cushman & Wakefield’s David Bernhaut, who headed the assignment with Andrew Merin, Gary Gabriel, Brian Whitmer and Andrew Schwartz. “In a market with significant vacancy in bigger buildings with large floor plates, this offering provided a very viable office investment. 100 Eagle Rock Avenue is perfectly sized for this niche market, with easy divisibility that enables it to accommodate tenants from as small as 1,000 square feet to those over 30,000 square feet.”

“This is our second sale of this property in less than two years,” explains David Bernhaut. “We originally sold the property to Bergman Real Estate Group in August 2014, who did a nice job repositioning the asset by stabilizing the occupancy and upgrading common areas throughout the building. Now Zeinvest can benefit from the stabilized cash flow and concentrate on leasing up the remaining vacancy.”

100 Eagle Rock Avenue includes a recently improved, two-story atrium lobby, on-site café service with WiFi and an outdoor seating area. Its granite and glass exterior is complemented by a well-landscaped, private office park setting featuring a pond with a fountain and walking paths. It offers immediate access to Morris County’s major highways as well a variety of local and regional amenities.

“This building is located within a 15-minute drive to some of New Jersey’s most desirable and affluent areas, including Florham Park, Livingston, Madison, Morristown, Montclair, Roseland and Short Hills, among others,” Schwartz said. “The average household income within a three-mile radius of 100 Eagle Rock Avenue is $151,805, which is 52 percent higher than the state’s overall average. This region is recognized as a premier location for businesses, offering a deep labor pool, diversified housing and a strong corporate presence.”

Based in East Rutherford, N.J., 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, Fairfield County, Conn., Pennsylvania, and Delaware. The team has completed $21.7 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 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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