At least seven bidders are in the running for Continental Plaza, a 637,000-square-foot office complex in Hackensack, N.J. Bidders include Investcorp, Broadway Partners, Reckson, Associates, Normandy Real Estate Partners, Lincoln Equities, Ivy Equities and Kushner Co

Real Estate Alert, June 9, 2004

At least seven bidders are in the running for Continental Plaza, a 637,000-square-foot office complex in Hackensack, N.J. Bidders include Investcorp, Broadway Partners, Reckson Associates, Normandy Real Estate Partners, Lincoln Equities, Ivy Equities and Kushner Co. Offers are said to range from $110 million to $115 million.

At that price, the buyer's initial annual yield would be in the neighborhood of 8%. The three-building property is being marketed by CB Richard Ellis on behalf of a partnership between Israeli firm Brack Capital Real Estate and New York-based Stellar Capital Management. The partnership purchased the property in 2000 from Berwind Property for $78.4 million.