CBRE announced today that Jeffrey Dunne, Jeremy Neuer, Travis Langer and Zachary McHale of CBRE Institutional Properties represented a partnership led by Denholtz Associates in the sale of 100 Matawan Road in Matawan, New Jersey for $19,750,000. The team was also responsible for procuring the buyer, Signature Acquisitions.
Located directly off the Garden State Parkway, 100 Matawan Road is a Class A office building totaling 133,678± square-feet. While the building is currently 85 percent leased, the largest tenant (iCIMS) which has a significant remaining lease term, recently relocated to Bell Works in Holmdel. Signature Acquisitions plans to capitalize on re-leasing the iCIMS space, which features above standard finishes, while also leasing the remaining vacancy. With over 6.8 million square-feet of leases expiring over the next three years in the neighboring submarkets, 100 Matawan Road is in a favorable position to lease its vacant space.
Since September 2015, ownership made capital improvements exceeding $1.6 million, including upgrades to the common areas and lobbies, exterior improvements, restroom renovations and HVAC upgrades. The building also features outdoor terraces on each floor, as well as a dramatic light-filled atrium.
Mr. Dunne commented, “Ownership worked diligently to execute the building improvements that led to the long-term lease with iCIMS and other tenants. Signature Acquisitions hopes to bring this to the next level by backfilling the iCIMS sublet space along with lease up of the vacant space.”
Mr. Neuer added, “Signature Acquisitions continues to be one of the most active investors in our market and this purchase compliments the assets they own in Clark and Cranford while giving them a greater presence in Central New Jersey.”
CBRE Institutional Properties has a number of attractive investment opportunities including: Country Club Plaza, a 97 percent leased 303,777± square-foot trophy office asset in Paramus, New Jersey; The Offices at Crystal Lake in West Orange, New Jersey, a 93% lease 106,345 ± square-foot office building in West Orange, New Jersey and Landmark Square in Stamford, Connecticut, an iconic 815,921± square-foot seven building office complex at 80 percent occupancy.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Signature Acquisitions
Signature Acquisitions is the most active player in the New Jersey suburban office market-having acquired over 2 million square feet of class A space in just over two years. They have invested in premier office parks as well as the single buildings in some of the best markets in the state, including Commerce Park in Cranford, CenterPointe in Bridgewater and the Offices at Liberty Corner. They also own properties in Tarrytown and Hauppauge. These distinguished properties are homes to some of the biggest and best companies in the country, including Prudential, PVH (formerly Phillips-Van Heusen), and Allstate Insurance Company.
