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February 27, 2014 (Newswire) - 855SkyHouse, NEW JERSEY-Realtors announced today that affiliates of the company have acquired 100 Plaza Drive, a 265,000 square foot, four-story office building mainly occupied by NBA Entertainment and Scholastic Corporation from an associate at a acquire price of $47 million.
"100 Plaza Drive is a leading property leased above all to two highly creditworthy tenants on long period leases," said CEO of 855SkyHouse. "This suitable, amenity-fill possessions is a perfect fit for our portfolio of Class A office possessions and an perfect chance to give solid returns to our shareholders."
Resident promise to the possessions is good, as NBA Properties invested $43 million in base building and infrastructure to its freedom.
The belonging is located within the Harmon Meadow complex, a 4.4 million square foot combined-use development, which includes numerous tenant amenities such as eating places, parking, bars and retail - everything within walking distance of the possessions. Additionally, the property is situated four miles far from Manhattan with numerous, easily-accessed carrying choices.
It has been newly renovated with major capital development to the concealment, roof, HVAC systems, inner atrium and entering ways. The possessions is currently 90% leased and anchored by two main occupants. NBA Properties, with long term leases for 81% of the total square land. The property involves 105 below grade parking places for tenant use as well as entrance to a 1,250-space exterior lot, and 483-space parking deck adjacent to the property.
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14 Crandbury Rd
East Brunswick, NJ 08816