Jones Lang LaSalle
Rockaway Exec Center Sells for $22M
By Eric Peterson
ROCKAWAY, NJ-Newkirk Master LP has purchased Rockaway Executive Center for $22 million, a number that factors out to $230 per sf for the 95,500-sf class A office building. The three-story building is located at 333 Mount Hope Ave., near I-80 and the area’s largest regional mall, Rockaway Townsquare.
The deal was arranged by Jeffrey Dunne, Steven Bardsley, Kevin Welsh and Jeff Oram of the CB Richard Ellis New York Tri-State Investment Team. The brokers represented the seller, Mt. Rockaway Property LLC, an entity owned by affiliates of Wexford Capital LLC and US Realty Advisors Inc., and also procured the buyer.
"Rockaway Executive Center will provide the Newkirk Master LP with a class A building with long-term stable cash flow through September 2014 from a high investment grade tenant," Dunne says. That tenant is BASF Corp., whose Information Services Group occupies the entire building. BASF Corp. is the North American affiliate of German chemical giant BASF AG.
Mt. Rockaway Property LLC acquired the asset approximately a year ago for a number said to have been in the $16-million range from Archon. Archon’s predecessor company, Wellsford Realty Trust, had previously acquired the asset, then known as 80 West Corporate Center, in 2001 from Simon Properties. Wellsford subsequently spent a reported $7 million to completely renovate it the following year, and Archon signed BASF to the full-building lease in 2004.
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
Rockaway Exec Center Sells for $22M
By Eric Peterson
ROCKAWAY, NJ-Newkirk Master LP has purchased Rockaway Executive Center for $22 million, a number that factors out to $230 per sf for the 95,500-sf class A office building. The three-story building is located at 333 Mount Hope Ave., near I-80 and the area’s largest regional mall, Rockaway Townsquare.
The deal was arranged by Jeffrey Dunne, Steven Bardsley, Kevin Welsh and Jeff Oram of the CB Richard Ellis New York Tri-State Investment Team. The brokers represented the seller, Mt. Rockaway Property LLC, an entity owned by affiliates of Wexford Capital LLC and US Realty Advisors Inc., and also procured the buyer.
"Rockaway Executive Center will provide the Newkirk Master LP with a class A building with long-term stable cash flow through September 2014 from a high investment grade tenant," Dunne says. That tenant is BASF Corp., whose Information Services Group occupies the entire building. BASF Corp. is the North American affiliate of German chemical giant BASF AG.
Mt. Rockaway Property LLC acquired the asset approximately a year ago for a number said to have been in the $16-million range from Archon. Archon’s predecessor company, Wellsford Realty Trust, had previously acquired the asset, then known as 80 West Corporate Center, in 2001 from Simon Properties. Wellsford subsequently spent a reported $7 million to completely renovate it the following year, and Archon signed BASF to the full-building lease in 2004.
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
posted by Jones Lang LaSalle NJ News Blog at 1:58 PM
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