Hackensack, NJ – Cushman & Wakefield announced today that the real estate services firm has arranged the sale of River View Office Center, a 226,610-square-foot office property located at 3 University Plaza Drive in Hackensack.
Cushman & Wakefield’s Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso and Max Helfman represented the seller, Mountain Development Corp., in the transaction. The sale was to Joyland Group LLC, 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 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.”
Centrally located in Bergen County, the six-story, Class A office building was delivered fully leased to total of 20 tenants. The property has been the beneficiary of recent updates and improvements and features a full-service cafeteria, a newly implemented conference center, outdoor courtyard with seating and a fountain, walking paths along the Hackensack River, fully re-paved parking areas and unique riverfront office views.
“Mountain Development did an excellent job improving occupancy and re-stabilizing the property and the buyer will benefit from substantial in-place cash flow,” added Bernhaut.
Hackensack represents one of the most densely populated and rapidly changing urban areas in New Jersey, with over 4,300 new residential units recently completed. The area boasts strong market fundamentals with a 94 percent average occupancy rate.
Photos of the asset can be downloaded here.
