River View Office Center, a 226,610-square-foot, Class A office property in Bergen County, was sold to Joyland Group LLC, the real estate arm of Hamilton Eastman, according to a recent announcement from Cushman & Wakefield.
Terms of the sale were not disclosed.
Located at 3 University Plaza Drive in Hackensack, the six-story building was delivered fully leased to total of 20 tenants. The property has been the beneficiary of recent updates and improvements and features a full-service cafeteria, a newly implemented conference center, outdoor courtyard with seating and a fountain, walking paths along the Hackensack River, fully repaved parking areas and unique riverfront office views.
Cushman & Wakefield’s Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso and Max Helfman represented the seller, Mountain Development Corp., in the transaction.
According to the brokerage team, a joint venture paid an undisclosed sum for the fully leased River View Office Center at 3 University Plaza Drive. The partnership included Joyland Group LLC, the real estate arm of Hamilton Eastman, an asset management company managed by Joel Wertzerger and Jack Wolcowitz, and Tissa Management, led by veteran real estate investor Howie Hershkovich.
“The fundamentals in Hackensack continue to remain solid, with tenant demand predominantly in the medical and law fields,” DiTommaso said. “River View Office Center has become a great option for tenants seeking quality product with abundant on-site parking.”
“Mountain Development did an excellent job improving occupancy and restabilizing the property and the buyer will benefit from substantial in-place cash flow,” Bernhaut added.