Ramsey office property fetches $10.8M, C&W says

By Eric Strauss
Ramsey | Jul 5, 2018 at 11:52 am

An office park in Ramsey has sold for $10.8 million, according to Cushman & Wakefield.

The Office Court of Ramsey was sold by a private ownership entity to BHN Associates in June, according to C&W, which brought the property to market on behalf of the seller and located the buyer.

The property at 500 Lake St., off Route 17, includes 11 buildings totaling 78,000 square feet, with more than 100 tenants in suites ranging from 200 to 5,000 square feet, C&W said in a news release. The property was 95 percent occupied at time of sale.

C&W’s Andrew Merin headed the team on the deal, which also included Andrew Schwartz and Ryan Larkin.

“The Office Court of Ramsey is truly one of a kind,” Schwartz said in a prepared statement. “It was designed specifically for small users and corporate executives that live in the surrounded towns and prefer a business location close to home. This property’s diversified rent roll and lack of alternative ‘like’ options in the local market offers reduced risk.”

Eric Strauss | estrauss@roi-nj.com | acerimrat