Continental Plaza in Hackensack sells for $123M, CBRE says

The Continental Plaza in Hackensack has sold for $123 million, according to CBRE.

CBRE’s Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer and Zach McHale represented the seller, Capstone Realty Group and JD Companies, and procured the buyer, Lionstone Capital.

The 647,947 square-foot Continental Plaza, which was recently repositioned by the seller, has three office buildings and a restaurant pad. It offers amenities such as a fitness center, conference center, tenant lounge and a cafeteria.

“Capstone and JD did a phenomenal job with the renovations at Continental Plaza and the new amenity base will continue to attract new tenants and retain existing tenants,” Jeffrey Dunne, vice chairman, CBRE, said. “We fully expect the buyer to benefit from these new amenities and the property’s strong cash flow.”

The buy, CBRE said, is the highest purchase price paid for an office building in more than five years and the largest sale of a multitenant office building in suburban New Jersey year-to-date.

“Continental Plaza represents a major success story where ownership made a significant capital investment, upgraded the building systems and created a first-class amenity program resulting in a truly special tenant experience,” Jeremy Neuer, executive vice president, CBRE, said. “Today’s tenants crave amenities that will help attract and retain talent and Continental Plaza checks all the boxes.”