Mountain Development Corp. has sold a Paterson office property for $15.25 million, according to real estate firm CBRE.
The 181,995-square-foot building at 100 Hamilton Plaza is a 14-story, Class A facility in the city’s central business district, according to a news release, and sits one block from the New Jersey Transit station near Interstate 80.
Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer and Zach McHale of CBRE Institutional Properties represented the seller and procured the buyer, an undisclosed New York City-based private investor.
The building is over 90% leased, CBRE said, with more than half of its tenants in place for more than 20 years.
“A tenant remaining at the same location for over 20 years is rarely seen in today’s ever-changing office market,” Dunne, a vice chairman, said in a prepared statement. “Mountain Development was able to obtain and maintain this level of occupancy and commitment to the building through their focus on tenant relations and their high property management standards.”
Added Neuer, an executive vice president: “The building’s occupancy has averaged 95% for over 10 years, and is anchored by the state of New Jersey. Clearly, the buyer will enjoy a stable, high-credit cash flow stream. From the beginning of the process, the buyer understood that this was a truly unique opportunity and acted aggressively to separate themselves from the competing bidders.”
