10 Independence Blvd. Picture courtesy of Cushman & Wakefield
Signature Acquisitions has picked up 10 Independence Blvd., a 120,623-square-foot workplace constructing and an 8,250-square-foot retail pad website positioned in Warren, N.J. Cushman & Wakefield brokered the transaction on behalf of the vendor, American Fairness Companions.
In line with CommercialEdge, the asset final traded in 2016 for $11 million. The property can be topic to a $14.7 million mortgage originated by Signature Financial institution, set to mature in 2030, the identical supply reveals.
The four-story workplace property is a part of the five-building, 650,000-square-foot Independence Boulevard workplace park. Situated simply off Interstate 78, the location is near Interstate 287 and routes 202 and 206, offering connectivity to each New York Metropolis and Pennsylvania.
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Cushman & Wakefield Affiliate Director Frank DiTommaso, Monetary Analyst Will Gerlin, together with Government Vice Chairs David Bernhaut, Andy Merin and Gary Gabriel brokered the transaction on behalf of the vendor. Earlier this month, the identical brokers have been additionally a part of the staff representing UBS Realty Buyers within the sale of one other New Jersey asset, a two-building, 216,573-square-foot workplace campus in Basking Ridge.
In line with Cushman & Wakefield analysis, the unemployment price in Northern New Jersey confirmed indicators of enchancment even within the face of challenges within the broader financial system, reaching 3.9 p.c on the finish of 2022 and marking 130-basis-point decline year-over-year. The office-using employment sector continued its development and added 23,500 jobs for the reason that finish of 2021.
An enhanced workplace house to handle the flight-to-quality demand
Accomplished in 1985, the workplace constructing just lately underwent a renovation program which included the modernization of the facilities on the property, together with the foyer, widespread areas, restrooms, health heart, recreation room, lounge and convention facility.
Moreover, a brand new retail constructing has been added to the property, to be anchored by Dunkin’ Donuts and set to accommodate different quick-service eating places, in addition to doubtlessly providing gentle medical providers.
In line with Actual Property Weekly, scientific trial firm Amici Scientific Analysis signed a lease at 10 Independence Blvd. final 12 months. The earlier possession carried out a customized building challenge for the tenant. The workplace constructing’s roster additionally consists of Fountainhead, NJ Relay & CapTel, Cipla, T-Cellular, FormTech Print and ITsavvy, CommercialEdge reveals.
In 2022, the flight-to-quality development gained momentum within the Northern New Jersey market, with Class A leasing accounting for 67.4 p.c of the state’s complete workplace leasing exercise, a rise from the 60.3 p.c recorded within the earlier 12 months, the above-quoted Cushman & Wakefield report additionally revealed.
