Alexander Property buys CityView in Lyndhurst, NJ for $20m

The CityView Corporate Center in Lyndhurst, NJ has been sold to Alexander Property Holdings in a $20 million transaction. The property is located on eight acres with direct access to routes 17 and 3 at 160 Chubb Avenue. The 135,000 square foot building,which traded for just under $150 per sqf., was almost 100 percent leased at the time of the sale. The seller, Rugby Realty Co., purchased the three-story building in late 2013 which had been renovated in 2006 and 2012. Cushman & Wakefield’s Metropolitan Area Capital Markets Group represented the seller during the sale.

“When Rugby acquired CityView Corporate Center, it was only 60% occupied, and as it so often has done with other properties, expediently brought it to near full occupancy and then returned it to the market in a financeable and core condition,” said Cushman & Wakefield’s Gary Gabriel. “In turn, the new ownership has made a solid investment in the Meadowlands office market, which continues to do very well from a leasing standpoint.”