Ravine Improvement Co. LLC has bought 10 Park Ave., a 154,777-square-foot workplace constructing in Hanover Township, N.J. JLL represented the vendor within the off-market deal.
RWJBarnabas Well being Basis acquired the asset for $14 million, in keeping with Morris County public information.
The three-story constructing got here on-line in 2001 and went by means of capital enhancements in 2016 that included a foyer renovation. The low-rise options 51,592-square-foot floorplates, two terraces, 4 passenger elevators, a health heart and 577 parking areas.
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Sitting on nearly 9 acres at 10 Park Ave., the Class A constructing is simply off of New Jersey State Route 24 and is close to Morristown Airport. JFK Worldwide Airport is a few 52 miles away, whereas Newark, N.J., is inside 18 miles southeast.
The JLL Capital Markets Funding Gross sales and Advisory that represented the vendor included Vice Chair Dan Loughlin, Senior Managing Administrators Jeremy Neuer and Jose Cruz, Government Vice President Charlie Dillon, Managing Director Bob Ryan, Director Ryan Robertson and Senior Analyst Pranav Patel.
New Jersey sale costs lag nationwide common
Yr-to-date by means of August, New Jersey’s workplace funding quantity hit $397 million, in keeping with the newest CommercialEdge workplace report. Property within the metro traded for a mean of $106 per sq. foot, effectively beneath the $173 nationwide determine. Moreover, the market was the one within the Northeastern area with a emptiness price above the nationwide common, clocking in at 19.9 %.
Firstly of this 12 months, Horizon Equities bought Jackson Well being Village, a 150,000-square-foot medical workplace constructing in Jackson, N.J., for $24 million. The three-story property got here on-line between 2014 and 2015.
