Commercial real estate firm Rhodium Capital Advisors announced it has completed a $20 million purchase of an 85,000-square-foot, eight-story office building in Jersey City.
The firm said it plans to expand the property’s value through a $3 million capital expenditure and tenant improvement project.
“We are pleased to have been able to not only acquire this prime property, but also to have immediately improved its value by securing leases with a diverse mix of new commercial tenants,” Daniel Shragaei, managing principal of Rhodium Capital Advisors, said. “This acquisition serves as a testament to Rhodium’s unparalleled ability to identify and reposition buildings in up-and-coming neighborhoods, creating exceptional returns in the process.
Located at 600 Pavonia Ave., in the heart of the Journal Square neighborhood of the city, the property presented Rhodium with an opportunity to enter another rapidly developing submarket in the New York City area.
“By leveraging our vast experience and relationships across both real estate and finance, we expect to execute similar value-add strategies at additional properties in Jersey City and other emerging corners of the New York Metro area,” Shragaei said.
“Since its inception in 2012, Rhodium has purchased over 100 buildings valued at more than $500 million,” Rhodium said in a news release. “It also owns and manages thousands of apartments throughout other emerging neighborhoods in and around New York, including Upper Manhattan, Brooklyn and Yonkers.”