Brown Moskowitz & Kallen, P.C. represented Gold Ventures and Capstone Realty Group in the $10,150,000 acquisition of 30 Two Bridges Road in Fairfield, New Jersey, a Class A, 93,260-square-foot office building. The building is situated at the juncture of Routes 80 and 46.
The circa 1986 steel and glass three-story structure was 90 percent occupied at the time of sale and was extensively upgraded by the prior owners. 30 Two Bridges has a light-filled lobby, distinctive architectural aesthetic, and flexible floor plates — features sought after by small and mid-size office and creative agency tenants. Recent upgrades at the property include building generators, new patios, renovated restrooms, LED lighting, updated 24/7 card key access, and Wi-Fi throughout the public and outdoor spaces. The seller acquired the property several years ago for $14,000,000.
Evan Gold of Gold Ventures said, “30 Two Bridges fits well with our portfolio of quality office buildings with abundant parking and convenient highway access to points in Northern New Jersey.” He added, “We like the Northern New Jersey market because it draws talent from a highly educated and diverse population of the state, as well as nearby New York and Connecticut.”
“The 30 Two Bridges property is a jewel in the Essex County marketplace, and especially the Routes 80 and 46 interchange,” said Michael J. Greenberg, Partner, Real Estate, who represented Gold Ventures & Capstone. “Our clients opportunistically leveraged an uncertain market to acquire a well-performing, attractive off-market asset in an unrivaled location with an excellent long-term tenant roster and high occupancy at a substantial discount.”
Mr. Greenberg notes that the process of negotiating the acquisition of an office building at the height of a pandemic presented numerous novel challenges. “Uncertain questions regarding the stability of tenant business operations, capability of tenants to continue to pay rent, potential tightening of bank lending policies for commercial office acquisitions, the prospect of gubernatorial executive orders limiting office building operations, and the ability to execute practical aspects of the transaction such as timely execution of vital documents and inspections by governmental agencies all had to be considered. Simply stated, we were confronted with the unique challenge of anticipating unprecedented issues at every juncture of the transaction.” Mr. Greenberg, in collaboration with seller’s counsel, devised creative solutions for these unique circumstances. “It was essential to the best interests of both the buyer and the seller to create a framework that would provide certainty of closing amidst the global uncertainty imposed by the pandemic,” he stated.
30 Two Bridges is located close to retail, restaurant, sports, entertainment, and cultural amenities. The area has a diverse housing stock and an affluent quality of life, with household income nearly double the national average. Nearby rail and bus public transportation options, easy access to Newark International Airport and regional airports ensures the building will remain particularly attractive to executives and commuters for years to come.
While office properties in Essex County have struggled to retain their tenants amid the COVID-19 pandemic, 30 Two Bridges continues to maintain strong occupancy and has managed to recently renew and expand its tenants with longer term occupancies. The current tenant roster includes legal, financial and insurance offices in units ranging from 1,400 to 5,000 square feet. Mitchell Adelstein, Capstone Managing Partner said, “30 Two Bridges has excellent highway access and frontage and will have a 12,000-square-foot ground floor rotunda space available later this year that is ideally suited for a medical practice or other tenant seeking a high visibility space with signage on Route 80.”
Financing for this transaction was secured by Capstone from Tom Guinan and Len Carlucci at Lakeland Bank. The seller and buyer were represented by Glenn Dulmage, senior vice president of MRH Real Estate Services, Inc.