Newmark Associates Closes Off-Market Sale of 130,000 SF Office Space in Essex, NJ for $8 Million
Cedar Knolls, N.J., October 7, 2019 – Newmark Associates CRE, LLC, announced the sale of approximately 130,000 SF of office space in a corporate complex at 300 Executive Drive in West Orange, New Jersey, located in Essex County.
President Susanne Newmark completed the transaction with the buyer, Pentaurus Properties, LLC, a long term client of Newmark Associates, and the seller, Renova who purchased the four building, 32-acre corporate park to be redeveloped. “This sale was ideal in that it was beneficial to both the buyer and sellers. The sellers realized an opportunity to spin off the office component which wasn’t strategic to their redevelopment plan and maximize shareholder value for their investors. The buyer recognized the possibility of a value-add opportunity. It was a win-win for both parties.”
Modern and functional, the four-story, Class B building was constructed in 1984 on approximately 8.7 acres of land, and is the largest of four office buildings at Executive Hill Office Park, with 50% occupancy by professional tenants at the time of the sale. Amenities include conference rooms, a fitness center, food service, well-maintained grounds with a pond, and a property manager onsite.
Pentaurus Properties, a well-known owner of office buildings in Essex County, plans major renovations for the building – all part of a larger redevelopment project of the region. This redevelopment plan encourages and supports the modernization of both the interior and exterior of the building, including a modern aesthetic of the exterior façade; remodeling the interior to brighter, more open and desirable floor plans; expansion and improvement of onsite amenities and enhancement of the environmental and economic sustainability of the property.
Located directly off Prospect Avenue interchange of I-280, adjacent to Essex Green Shopping Center, the property is 15 minutes’ drive to Newark Airport, 20 minutes to New York City, and 10 minutes to downtown Newark, all within Northern New Jersey’s Gateway Region.
Newmark’s investment team has been instrumental in the lease and sale of other prominent sites in the West Orange/Livingston area including Industrial and Eisenhower Parkways, part of the West Essex Corridor, attracting companies seeking a convenient and increasingly upscale location. The Newmark investment team consistently identifies under-the-radar opportunities for their clients and customers – for more information, contact Susanne Newmark at (973) 884-4444 or firstname.lastname@example.org.
Susanne Newmark, President of Newmark Associates CRE, LLC, founded the company in 1986, one of the most respected and successful Commercial Real Estate boutique firms in New Jersey. Ms. Newmark has been a recipient of various awards – most recently in 2017, for the Women Who Shine Awards as one of six senior management executives chosen from over 100 nominations for outstanding achievements in business and the community. Selection criteria included success in business, philanthropic activity and tireless efforts to invest in advancing the cause of women.
Newmark Associates CRE, located in Cedar Knolls, New Jersey, celebrates more than 30 years in the commercial real estate industry as one of the top brokerage companies in the state, and recognized repeatedly with awards by both NJBIZ magazine, and the CoStar Commercial Real Estate organization. Specializing in lease and sales transactions of office, industrial, retail, land, healthcare and mixed-use properties, Newmark Associates customers range from regional, entrepreneurial firms to Fortune 500 companies. Certified as a woman-owned business by the Women’s Business Enterprise National Council, Newmark Associates is registered as a Supplier Diversity provider with corporate members.