HERITAGE CAPITAL GROUP BUYS PLAZA NINE PROPERTY FROM IVY EQUITIES
Cushman & Wakefield Arranges Woodbridge, N.J., Deal
WOODBRIDGE, N.J., June 25, 2007 – Heritage Capital Group, LLC has acquired Plaza Nine, a Class A office property at 900 Route 9 North in Woodbridge, N.J., from Ivy Equities. Cushman & Wakefield’s Metropolitan Area Capital Markets Group orchestrated the $22 million trade, which represented the inaugural purchase by Heritage, a newly established investment entity.
Situated on approximately six acres immediately north of the three-way intersection of Route 9, the New Jersey Turnpike and the Garden State Parkway, the six-story, 112,568-square-foot Plaza Nine building is fully occupied. Its anchor tenants include JP Morgan Chase Bank and NIP Group Inc.
“This is a terrific first project for us,” noted Jeffrey Greenberg, principal of Heritage Capital Group, which formed this spring. “Plaza Nine represents a superior asset in one of the most accessible locations in Northern New Jersey. It is poised to continue to outperform its competitive set.”
“This property has a history of consistent leasing momentum and has paced the region in occupancy and tenant retention,” said Cushman & Wakefield’s Gary Gabriel, who handled the sale with team members Andrew Merin, David Bernhaut and Jose Cruz. “Its location, historical occupancy rate, and strong tenant base resulted in 100 percent occupancy rates and drew great interest from the investment community.”
Plaza Nine features a steel-framed, tinted glass façade. The center-core configuration provides the flexibility to accommodate single or multiple users on each floor. Ample parking; on-site food service; attractive landscaping; and an abundance of nearby retail, hotel and dining amenities round out its appeal.
“Our presence in Woodbridge has been rewarding, and the disposition of Plaza Nine enables us to take advantage of current market conditions and realize a solid return from our involvement there,” said David Archibald of Ivy Equities.
The property is located within Middlesex County’s thriving Woodbridge/Edison submarket, a well-established office, retail and residential destination. The quintessential labor intercept site, it provides an easy commute from Northern, Central and South Jersey as well as Staten Island. And, as the geographic center of the Boston/Washington Northeast corridor, the market sits approximately 35 miles southwest of Manhattan and 60 miles northeast of Philadelphia.
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About Heritage Capital Group
Heritage Capital Group, LLC formed in 2007 as a partnership of Jeffrey Greenberg and Steven Greenberg, principals of Heritage Management Company, and real estate industry veteran Robert R. Martie. The partners’ common vision and complimentary, diversified skill sets create a robust and formidable team focused on acquiring select office, flex, industrial and retail properties in the Mid-Atlantic region. Based in Ridgewood, N.J., Heritage Capital Group serves as the investment arm of a larger real estate organization that also includes Heritage Management Company, which owns and manages nearly 5 million square feet of diversified commercial product in the Northeast and is widely recognized for its success in repositioning properties in up-and-coming markets like Newark, N.J.
About Cushman & Wakefield, Inc.
Cushman & Wakefield is the world’s largest privately held real estate services firm. Founded in 1917, the firm has 201 offices in 55 countries around the globe, and 12,000 talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133, or visit the firm’s Web site at www.cushmanwakefield.com.
The Metropolitan Area Capital Markets Group, based in Cushman & Wakefield’s East Rutherford, N.J., office, specializes exclusively in real estate sales, joint ventures and financing in northern New Jersey; Fairfield County, Conn.; and Long Island and Westchester County, N.Y. The team has completed more than $11 billion worth of transactions during the past decade. For the past three years, this included more than $2 billion in transactions annually, reaching $2.4 billion in both 2005 and 2006.