Friday, March 1, 2019

HFF closes sale of 178,000-SF Class A office building in East Hanover, NJ


Eagle Rock Executive Office IV, 120 Eagle Rock Avenue
East Hanover, NJ

Kevin O'Hearn
FLORHAM PARK, NJ  –- Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Eagle Rock Executive Office IV, a 178,000-square-foot, Class A office building in East Hanover, New Jersey.


HFF represented the seller, Boxer Property, in the transaction.  Ramapo, New York-based Northeast Capital Group purchased the asset.

Eagle Rock Executive Office IV is located at 120 Eagle Rock Avenue just off Interstate 280 in Northern New Jersey’s Essex County.  

Situated within a three-building office park, the three-story building is approximately 79 percent leased to notable tenants, including Prudential Insurance Company of America, Kessler Foundation and GFK.  

Jose Cruz
Recent renovations at the property include upgraded interior finishes and the addition of a “Tenant Center”, which features a new cafeteria, conference rooms, tenant lounge and fitness center.  

The property also features co-working space in approximately nine percent of the space, which has served as an incubator for tenants growing into larger units.

The HFF investment advisory team representing the seller included senior managing directors Kevin O’Hearn and Jose Cruz and senior directors Stephen Simonelli and Michael Oliver.

“We’re thrilled to have assisted Boxer Property with the successful execution of their business plan,” O’Hearn stated.  

Stephen Simonelli


“Since we sold the property to them several years ago, they have made significant capital improvements, which resulted in an increase in occupancy, including several noteworthy tenants.  

"Additionally, we’re happy to have closed another property with Northeast Capital and help them expand their portfolio into the office sector.”

HFF and Holliday GP Corp. are licensed New Jersey real estate brokers.

Boxer Property is celebrating 23 years as an innovative commercial real estate investment and management.  Boxer specializes in maximizing the value of under-performing properties through aggressive leasing and hands-on management.  

Founded in 1992, Boxer Property is a private firm based in Houston with more than 18 million square feet of commercial real estate nationwide.  For more information, visit https://www.boxerproperty.com/.

Michael Oliver
Northeast Capital Group (NECG) is a private equity investment group based in Ramapo, New York and led by CEO Joel Kiss who founded the firm in 2008.  

NECG actively buys and operates stable and value-add commercial real estate with an emphasis on well-located anchored shopping centers and office buildings in primary and secondary markets around the country. 

 NECG seeks to invest in properties which are fundamentally strong with superb market position/location, property access and national/credit tenancy, and have significant value-add opportunities. 



For further information, please visit http://necapitalgroup.com/.

CONTACTS:

JOSE CRUZ
NJ Lic. #8743725
HFF Senior Managing Director
(973) 549-2000

OLIVIA HENNESSEY
HFF Public Relations Specialist
(713) 852-3403

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