Monday, April 28, 2014
NEW BOSTON FUND SELLS 30,000 SQUARE FEET IN NEW JERSEY
Canaan Korean Community Church purchases office and flex space
Hackensack, NJ – April 28, 2014 – New Boston Fund, Inc., a private equity real estate investment, development and management firm, announced today that it has sold 80 Commerce Way in Hackensack, New Jersey to Canaan Korean Community Church.
80 Commerce Way is a 30,000-square-foot single-story office and flex building. The property has the ability to serve a variety of uses and tenants, and includes warehouse and showroom space. New Boston acquired the property along with the adjacent building at 60 Commerce Way in partnership with Prism Capital Partners, LLC, a privately held real estate organization, in 2005. The partnership sold 60 Commerce Way in early 2010.
“We’re very happy with how 80 Commerce Way has performed in the Northern New Jersey submarket,” said Gary Hofstetter, Senior Vice President at New Boston Fund. “As a well-located property, it has consistently generated a great deal of interest. We felt that current market conditions made it the right time to sell.”
The property is located just off of Route 4 and is under three miles from I-80 and the Garden State Parkway. Also just six miles from Manhattan, it provides immediate access to other major markets along the East Coast. 80 Commerce Way is also just north of the Simon Shops at Riverside, the region’s premier luxury mall and home to many of the nation’s major high-end retailers.
“Over the course of the marketing of 80 Commerce Way, we saw strong interest from local and regional owner-occupiers for this property,” said Noah Balanoff, Vice President, CBRE. “More specifically, there was quite a bit of interest from prospective buyers with alternative uses like gaming and entertainment, food manufacturing, fitness centers and, ultimately, a local church looking to expand their presence in the area.”
The Canaan Korean Community Church was represented by Oksoon “Olivia” Yang of Weichert Realtors in this transaction. Thomas F. Monahan, Senior Vice President, Noah R. Balanoff, Vice President, and David Opper, Senior Vice President, all of CBRE, represented New Boston Fund.
New Boston does not disclose sales prices for its transactions.
About New Boston Fund
New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of about $3.5 billion, including 23 million square feet of commercial real estate and 7,500 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value-add and urban real estate investment funds with a focus on diversification and capital preservation. The New Boston Fund: People, Values, Returns. www.newbostonfund.com
For all news or media inquiries, please contact:
Solomon McCown & Company