CBRE Group Inc. Announces Sale of 5901 West Side Avenue
SADDLE BROOK, N.J. (June 17, 2013) – CBRE Group, Inc., New Jersey’s largest commercial real estate brokerage firm, announced today that its Institutional Group collaborated with the firm’s Midtown Manhattan and Saddle Brook offices to represent Fifth & Pacific Companies, Inc (FNPC), formerly Liz Claiborne, Inc., on the sale of 5901 West Side Avenue in North Bergen, NJ. The team was also responsible for procuring the buyer, an affiliate of Real Capital Solutions of Louisville, CO.
The team of Jeffrey Dunne, vice chairman; Kevin Welsh, senior vice president; and Brian Schulz, senior associate teamed up with Amanda Bokman, senior vice president in CBRE’s Midtown Manhattan office and David Opper, senior vice president, of CBRE’s Saddle Brook office to complete the transaction.
5901 West Side Avenue is a 296,554± SF headquarters quality office building, which was designed and developed for FNPC’s use in 1993. The Property serves as its headquarters for its legal, finance, operations and logistics, IT and other support functions. FNPC decided that it would sell the building and leaseback approximately 100,000 SF, or 33% of the building, long term.
The property’s location approximately 5 miles from Manhattan and just two miles from the four way interchange of the New Jersey Turnpike and Route 3 provides access to a broad labor base and direct connection to Midtown Manhattan via the Lincoln Tunnel in less than 10 minutes.
The property’s features include highly divisible floor plates with two distinct cores, redundant electrical power and excess cooling and electrical capacity. The infrastructure provides maximum flexibility to accommodate both full floor and multi-tenant requirements.
The building also features an enhanced amenity package including a five-story lobby, conference center, full service cafeteria, fitness center with locker rooms and showers, and an above standard parking ratio of 4.9 cars per 1,000 SF, of which 80% is covered. These features uniquely position the property as one of the newest buildings in the Meadowlands market with above standard infrastructure ideal for attracting today’s tenants seeking higher density infrastructure.
“The acquisition provided Real Capital Solutions with the unique opportunity to acquire a well located, corporate headquarters quality office building with excellent access to Midtown Manhattan and major highways at an attractive basis with substantial upside through the leasing of the vacant space along with the long term lease of FNPC,” said Mr. Welsh.
The CBRE New York Institutional Group specializes in the sale of investment properties in the suburban markets surrounding New York City as well as select regional markets throughout the country. The Group services a prestigious client base of institutions, corporations, private investors, developers and REITs and has closed over $9 billion in property sales in all property types over the last five years.
The New York Institutional Group has a number of attractive investment opportunities currently on the market including: Mohawk Distribution Center, 616,992 SF Class A warehouse/distribution facility in Teterboro, NJ; Infinity Harbor Point, a new 242-unit, 22-story high rise apartment property in Stamford, Connecticut with breathtaking views of Long Island Sound; Pelham Manor, a 228,493 SF, BJ’s, Michaels and Petco anchored center located in Pelham, New York; and Washington Plaza, a 199,376± SF Class A office building in Piscataway, New Jersey.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
About Real Capital Solutions
Real Capital Solutions was founded by Marcel Arsenault in 1984, under the name Colorado & Santa Fe Land Company. Over the past 29 years, the Company has evolved from the dominant regional real estate investment company into a nationally focused investor of workout and distressed assets. In 2012 RCS acquired over $200 million of commercial, condominium and homebuilding projects in California, Colorado, Florida, New Jersey, Nevada, Oklahoma and Kansas. RCS plans to acquire $333 million of projects across the country in 2013, $400 million in 2014, and $450 million in 2015.