A 269,000-square-foot office property in Ridgefield Park has been sold, according to real estate firm Cushman & Wakefield.
The Class A property at 55 Challenger Road was sold by KABR Group and Kushner Cos. to the Birch Group, the real estate firm said in a news release. The 269,720-square-foot building is located in the Overpeck Corporate Center.
C&W’s David Bernhaut represented the seller and procured the buyer, along with members of the firm’s New Jersey capital markets team, including Andrew Merin, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Larkin. Leasing specialists William O’Keefe and Kelsey Nakamura assisted in their roles as exclusive leasing agents for the property.
“This asset offered everything that a forward-looking owner the Birch Group appreciates in an investment opportunity,” Bernhaut said in a prepared statement. “The tenants in place have long-term leases that provide stability and predictable cash flow, which is reflective of the significant capital improvements and aggressive lease-up strategy made by KABR and Kushner.”
Financial terms of the transaction were not disclosed.
Recent leases include Kumon’s North American headquarters, law firm Seeger Weiss and others. Amenities at the property include a fitness center, covered parking garage and conference center.
“We approached this acquisition with the goal of diversifying our portfolio by adding an excellent asset with a strong tenant roster and upside potential,” Mark Meisner, president of the Nanuet, New York-based Birch Group, said in a statement.