Fahri Ozturk and Kim Kretowicz of brokerage firm Marcus & Millichap marketed and represented the seller of a 60,000-square-foot office building in West Orange, the firm announced this week. The property located at 414 Eagle Rock Ave. was 92 percent occupied at the time the transaction closed and traded for $8.825 million according to regional manager Brian Hosey.
“Skyline Plaza provided an opportunity for quality office space in a high demand market in Northern New Jersey, we were able to efficiently market the property through Marcus & Millichap’s national exposure,” Ozturk said.
Skyline Plaza is located on the south side of Eagle Rock Ave. and off of I-280 near the Eagle Rock reservation.
The firm did not disclose a seller or buyer.
In Hamilton, the brokerage’s Karly Iacono represented a private developer in the sale of a 14,280-square-foot retail property occupied by Walgreens. Iacono and Jonathan Zamora secured and represented a buyer for the property.
"In a supply constrained New Jersey net leased market, the buyer was very pleased to find a rare drug store investment with a lease that offers rent increases throughout the base term and options," Iacono said. "Our team sold the asset in a matter of days, at a market cap rate of 5.05 percent, to a buyer that performed. From a seller's perspective it doesn't get better than that."
The property, located at 2021 Nottingham Way, Hamilton, was traded for $5.544 million.
The property is four miles from Trenton.