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| Eagle Rock Executive Office IV, 120 Eagle Rock Avenue East Hanover, NJ |
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| 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.
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| 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.
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| 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/.
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| 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.
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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