"In partnership with Garrison Investment Group, Onyx Equities, LLC, announced that they have purchased the 300,260 sq.ft. office campus known as Country Club Plaza located at 115-117 West Century Road in Paramus, NJ."
The CBRE team of Jeffrey R. Dunne, Kevin P. Welsh, and Brian M. Schultz, represented Cornerstone Real Estate Advisers in the sale.
Country Club Plaza is a two-building, Class A office complex totaling 300,260 square feet. Amenities include a full service cafeteria, fitness center and conference facility. The campus is easily accessible to the Garden State Parkway, I-80, Routes 17, and is located within close proximity to high end dining options and two country clubs.
"We view this as a strategic opportunity to acquire two of the highest quality office buildings within all of Bergen County, said Stephen Sullivan, Executive Vice President of Onyx Equities' Investment Group. "We believe that once our planned renovations are complete, the location, amenity package and competitive rental rates will be very enticing to prospective tenants in the market place."
Eric Rosenthal, Director at Garrison, added that this is the third venture between Garrison and Onyx and both "have strong track records when it comes to executing on value-add lease up transactions. We are acquiring two high quality office buildings at a very attractive cost basis and we anticipate creating substantial value through the repositioning of the assets."
About Onyx Equities, LLC
Headquartered in Woodbridge, New Jersey, Onyx Equities, LLC is a leading private real estate investment, management and development firm. Driving Onyx Equities' success is its custom-made technology platform that allows on-site and regional management teams to increase operational efficiency, tenant satisfaction and long-term value throughout its portfolio.
Since its founding in 2004, Onyx has acquired more than $2 billion worth of real estate assets throughout New Jersey, New York, Pennsylvania and Connecticut. Since 2008, the firm has owned, managed or served as the appointed Receiver for more than 57 million square feet of office, retail, industrial, and self-storage properties. The company's rapidly growing Receivership and REO portfolio has recently expanded into 10 states along the east coast. For more information on Onyx Equities, contact the firm at 732-362-8800, or visitwww.onyxequities.com.
About Garrison Investment Group, LLC
Garrison Investment Group is a leading middle market credit and asset based investor. The firm was founded in 2007 and is headquartered in New York. Our investment strategies focus on deploying capital in opportunities across Corporate Finance (corporate loans and select equity investments), Financial Assets (commercial & industrial loans and consumer loans), Private Equity and Real Estate. Our team of experienced professionals enables us to source and execute transactions across our multiple investing disciplines. Garrison manages investor capital through a diversified set of funds including private equity format funds and corporate credit lending funds. Garrison also manages capital for third parties through various Managed Accounts. Through our affiliate, Garrison Loan Management, we also manage Collateralized Loan Obligations (CLOs).
