Cushman & Wakefield on Thursday said it helped arrange the sale of a 120,623-square-foot office building along with an 8,250-square-foot retail pad site located at 10 Independence Blvd. in Warren.
Cushman & Wakefield’s Frank DiTommaso, David Bernhaut, Andy Merin, Gary Gabriel and Will Gerlin represented the seller, American Equity Partners, in the transaction. The property was acquired by Signature Acquisitions.
“American Equity Partners did an exceptional job during their ownership of 10 Independence, not only adding top-quality amenities and finishes within the office building, but also utilizing excess land to develop a brand-new lifestyle and retail pad on the property, which will improve the overall office experience,” DiTommaso said. “With an existing major footprint along the I-78 corridor, and particularly within the Exit-33 submarket, Signature Acquisitions was the ideal buyer for this site as they continue to expand their presence locally.”
“Today’s sale is a testament to the adage ‘flight to quality,’” added David Elkouby, partner at American Equity Partners. “We completely updated this building using the highest-quality materials and incorporated high-end amenities, which kept our occupancy at over 95%.”
10 Independence Blvd. is a four-story office building located within the Independence Boulevard office park, which consists of over 650,000 square feet of office space throughout five buildings.
The property recently underwent a full renovation program resulting in an updated lobby, common areas, restrooms, fitness center, game room, lounge and conference facility. The building features a recently constructed 8,250-square-foot retail site, which offers Warren’s first and only approved drive-through, which will serve as home to Dunkin’ Donuts, among other quick service restaurants and potential light medical uses.
The property is located on Interstate 78, minutes from the major regional interchange of Interstate 78 and Interstate 287, placing the property nearly equidistant from New York City and Pennsylvania.