Updated Oct 29, 2024
Signature Acquisitions Buys Property From The Silverman Group With Buyer's Rep Gary Gabriel
110 Allen Rd, Bernards, NJ, 07920
Building Size
—
Asset Type
Office
Closing
Apr 3, 2018
About this deal
AI
A three-building office park located at 110 Allen Rd, Bernards, NJ 07920 in the Basking Ridge market has been sold. The property consists of 524,260 square feet across three, four-story Class-A buildings. The buildings, previously acquired in separate transactions since 2010, have been rebranded as The Offices at Liberty Corner and are situated immediately off I-78 at Exit 33.
Summary of transaction details:
- Property Type: Office Park
- Transaction Amount: Not disclosed
- Buyer: Signature Acquisitions
- Seller: The Silverman Group
- Buyer's Representative: Gary Gabriel-Cushman & Wakefield
- Other Key Representatives: Andrew Merin, David Bernhaut, Brian Whitmer, Frank DiTommaso II
- Leasing Agents: Bill Brown, Ben Brenner, MariaGrace Iantosca
The transaction was facilitated by the investment sales team of Cushman & Wakefield’s East Rutherford, N.J. office. The Park features a diverse tenant base with over 40 tenants benefiting from shared amenities. The location experienced occupancy growth from 93% to near-full during the marketing period, demonstrating interest from various companies seeking quality office space in the area.
On the Map
Office
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Basking Ridge Office Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93