Cushman & Wakefield on Wednesday announced that it arranged the sale of a 207,252-square-foot office building at 30 Independence Boulevard in Warren.
Cushman & Wakefield’s David Bernhaut, Frank DiTommaso, Maia Sirabian and Bill Baunach represented the seller and procured the buyer, Signature Acquisitions. Cushman & Wakefield’s Brad Domenico arranged the acquisition financing on behalf of the purchaser.
“Most office acquisitions these days are intended for redevelopment or alternative use – this is not one of them,” DiTommaso said. “The marketing process for 30 Independence was robust, with strong interest from office investors who recognized the building’s future as a premier facility within the local submarket. 30 Independence has separated itself from the local landscape given its history of institutional ownership, general overall quality and solid in-place cash flow.”
In addition, the sales team stressed that the likely future redevelopment and/or demolition of nearby antiquated office buildings will only further strengthen the positioning of 30 Independence in years to come, subject to the local municipality regulations and approvals.
30 Independence was delivered 52% leased to six tenants. The property has undergone extensive renovations and offers amenities such as a grab and go café service, a Peloton-equipped fitness center, an 80-seat conference facility and covered parking. Extensive upgrades were also made to property’s entranceway, patio and walkway areas, monument signage, landscaping, lighting and more.
The property’s location directly off of Interstate 78 and just five minutes from the interchange of I-78 and I-287, offers unparalleled accessibility. The building is surrounded by numerous dining, retail and entertainment options is walkable to Dunkin Donuts, Playa Bowls, Starbucks and more.
