CBRE procured the buyer and closed the sale of Rialto Capital’s 150/200 Meadowlands Parkway office properties, in Secaucus, N.J.
New York-based Alma Realty paid $21 million for the two office buildings, which encompass nearly 213,000 square feet of Hudson County office space. Originally built in 1980, the two- and four-story structures have undergone several renovations and improvement projects in the past ten years. The properties were 77% leased at the time of sale, occupied by tenants like Schiavone Construction (corporate headquarters of the Dragados S.A. subsidiary), Ashley Stewart, Image Processing Systems, VXchange’s data center and Frontage Laboratories.
Located just minutes from Route 3 and the NJ Turnpike (Exit 15X), Alma Realty’s new assets are well connected. Moreover, mass transit bus and train options conveniently offer access to Manhattan in under 15 minutes.
Nearby amenities include The Plaza at Harmon Meadow shopping complex, which offers tenants a variety of dining, retail and hospitality options.
CBRE’s Jeffrey Dunne stated that “150 and 200 Meadowlands are highly proximate to the Lincoln Tunnel and Manhattan, and provide secure cash flows from long term leases, along with opportunity to grow net operating income through further lease up.”
Jeffrey Dunne and Jeremy Neuer of CBRE Institutional Properties, in collaboration with Geoffrey Schubert, represented Rialto Capital in this transaction.