Partners buy $147.5m Metro Park office center in New Jersey

Real Estate Weekly, Sept 24, 2003

Ivy Equities and Rockwood Capital Corporation, as joint venture partners, have purchased the 34-acre Metro Park Office Center in Iselin, New Jersey, from TA Associates Realty for $147.5 million. Cushman & Wakefield's Metropolitan Area Financial Services Group (FSG) orchestrated the transaction involving three Class A buildings totaling 757,408 square feet.

Prudential occupies the entire property--which includes 190, 194 and 200 Wood Avenue--on a long-term basis. According to Gary Gabriel, a senior director with the Metropolitan Area FSG, the presence of a strong credit tenant in one of New Jersey's best locations was instrumental in solidifying Metro Park Office Center's investment appeal.

"The transaction is a perfect example of capital seeking safety with an A-rated tenant in the current interest rate environment," he said.

"At less than $200 per square foot, an A rated credit tenant, and favorable interest rates, the acquisition of the Metro Park Office Center provides Ivy Equities and Rockwood Capital an outstanding cash flow return and the possibility of significant value enhancement in the future," said John Saraceno Jr., the chief investment officer of Ivy Equities.