HFF closes sale of 400,000-square-foot, 4-building office complex in West Orange, New Jersey
FLORHAM PARK, NJ – May 17, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Executive Hill Office Park, a four-building office complex totaling over 400,000 square feet in the Essex County community of West Orange, New Jersey.
HFF marketed the property exclusively on behalf of the seller, an entity controlled by RNY Property Trust, and procured the buyer, PAG Investments.
The office complex consists of 31 acres and comprises 10 Rooney Circle and 100-300 Executive Drive. Built between 1971 and 1984, the complex amenities include a full-service cafeteria, shared conference room and fitness center. The property is 48 percent leased to tenants, including Lincoln Educational, GEICO and a U.S. government agency. Located off Prospect Avenue and Rooney Circle, Executive Hill Office Park is situated at a full interchange of Interstate 280. The Essex Green Shopping Center is also located adjacent to the complex, providing additional convenience.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Michael Oliver and Stephen Simonelli, associate director Marc Duval and supported by senior managing director Andrew Scandalios.
“This is a unique transaction that appealed to the office buyers as well as redevelopers,” according to Cruz. “The buyers saw significant near term upside in the office space and longer term potential in a repositioning play.”
About PAG Investments
PAG Investments LLC, is a real estate investment, development and management company primarily focused on the acquisition, operation and repositioning of income producing properties. Based in Northern New Jersey, the company has since expanded its footprint to include greater New York metro area. PAG Investments engages in strategic acquisitions and sales and has formed partnerships with private equity groups and family offices.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.