River View Office Center in Hackensack has sold.
Cushman & Wakefield announced it arranged the sale of the 226,610-square-foot property at 3 University Plaza Drive on Dec. 28.
Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso and Max Helfman of the real estate services firm represented Roseland-based Mountain Development Corp., the seller, in the transaction. Financial terms were not disclosed.
“Mountain Development did an excellent job improving occupancy and re-stabilizing the property and the buyer will benefit from substantial in-place cash flow,” said Bernhaut.
The buyer, Joyland Group LLC is the real estate arm of Hamilton Eastman, an asset management company managed by Joel Wertzerger and Jack Wolcowitz, in partnership with Tissa Management, led by veteran real estate investor Howie Hershkovich.
The six-story, Class-A office building was delivered 100% leased to 20 tenants, Cushman & Wakefield said.
With riverfront office views, River View Office Center recently underwent updates and improvements. It offers a full-service cafeteria, a newly fitted conference center, an outdoor courtyard, and walking paths along the Hackensack River.
“The fundamentals in Hackensack continue to remain solid, with tenant demand predominantly in the medical and law fields,” said DiTommaso. “River View Office Center has become a great option for tenants seeking quality product with abundant on-site parking.”
According to Cushman & Wakefield, Hackensack is one of the state’s most densely populated, and evolving, urban areas. The firm said the area offers strong market fundamentals, with a 94% average occupancy rate.
Additionally, more than 4,300 new residential units were recently completed in the Bergen County municipality, the firm said. Among those offerings is The Brick of Hackensack, downtown’s first high-rise, which debuted earlier in December.l