Cushman & Wakefield sells 226,610 square foot office building to Hackensack
River View Office Center, a 226,610 square foot Class A office building in Bergen County, has been sold to Joyland LLC Group, the real estate branch of Hamilton Eastman, according to a recent announcement by Cushman and Wakefield.
Terms of the sale were not disclosed.
Located at 3 University Plaza Drive in Hackensack, the six-story building has been delivered fully leased to a total of 20 tenants. The property has benefited from recent updates and improvements and includes a full service cafeteria, a newly established conference center, an outdoor courtyard with seating and a fountain, walking trails along the Hackensack River, fully repaved parking lots and unique views of the riverside offices.
Andy Merin of Cushman & Wakefield, David Bernhaut, Gary Gabriel, Frank DiTommaso and Max Helfman represented the seller, Mountain Development Corp., in the transaction.
“Hackensack’s fundamentals remain strong, with tenant demand primarily in the medical and legal areas,” said DiTommaso. “River View Office Center has become a great option for tenants looking for a quality product with plentiful onsite parking.”
“Mountain Development has done a great job in improving occupancy and stabilizing the property and the buyer will have significant cash flow in place,” added Bernhaut.
Hamilton Eastman is an asset management firm managed by Joel Wertzerger and Jack Wolcowitz, in partnership with Tissa Management, led by seasoned real estate investor Howie Hershkovich.