Rialto Capital has closed on the disposition of two office buildings in Secaucus, New Jersey to Alma Realty. The $21 million transaction includes 150 & 200 Meadowlands Parkway, which total 212,666 square feet. The assets serves as the corporate headquarters for Schiavone Construction (a subsidiary of Dragados S.A.), Ashley Stewart, Cory 1st Choice Home Delivery, Image Processing Systems and is also home to VXchange’s data center and Frontage Laboratories. CBRE Institutional Properties represented the seller, Rialto Capital, during the sale. CBRE’s Jeffrey Dunne says the property, which is close to the Lincoln Tunnel and Manhattan “provides secure cash flows from long term leases along with opportunity to grow NOI through further lease up.”
