218 ROUTE 17 NORTH | ROCHELLE PARK, NJ |
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As exclusive agent, Cushman & Wakefield is pleased to present a 100% fee interest in Park 17 (218 Route 17, Rochelle Park, NJ) for sale. This five story office building totals 105,026 SF with premier frontage on Route 17, minutes from the convergence of Northern NJ’s most heavily travelled roadways including Route 4 and the Garden State Parkway. The Property is currently 95% leased with an average remaining lease term of 6.5 years. In the last 18 months, ownership has executed five new leases totaling 29,604 SF (28% GLA) at the building.
Park 17’s flagship location is supported by exceptional local demographics, rapid residential development, retail density, and proximity to Manhattan (9 miles to George Washington Bridge). Additionally, the surrounding area features an attractive amenity base (#1 retail zip code in the U.S.) including luxury retail options, new fast-casual dining, and some of the state’s most exclusive country clubs.
Investors will benefit from impressive post-covid leasing velocity and stable in-place cash flow, while having the opportunity to increase NOI via renovations, improved (medical) tenant mix, and potential solar implementation.
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STABLE CASH FLOW - ANCHORED THROUGH 2030
• 9 Tenants, Average Unit Size of 8,314 SF
• Bergen County Board of Social Services: 58% of GLA thru 2030, strong credit and extremely high probability of renewal
• Impressive new leasing velocity with St. Josephs University Medical Center and Bella Physical Therapy
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ROUTE 17 FRONTAGE - CROSSROADS OF BERGEN COUNTY
• 410,000 vehicles per day along Route 17 & Route 4 & the Garden State Parkway Combined
• Prime “cant-miss” building signage opportunity along Route 17
• Most populous county (938,112) & Largest private sector labor force in the state
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COMPELLING DEMOGRAPHICS & MAJOR MEDICAL PRESENCE
• $174,000 AHHI within 3-miles, 80% white collar employment
• 1.2 million people (3,927 people per square mile) and over 460,000 households within 10-miles
• Medical demand driving rents: Valley Hospital Development ($738M / 372 beds) expected completion Q3 2023, Bergen Regional Medical Center (NJ’s largest public hospital), Hackensack University Medical Center (Largest Bergen County employer)
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NEW LEASING SINCE 2021
29,604 SF (28% of Total SF)
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WTD. AVG. RENT PSF
$23.80 PSF
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ANDREW J. MERIN
Executive Vice Chairman
+ 1 201 460 3358
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DAVID W. BERNHAUT
Executive Vice Chairman
+ 1 201 460 3356
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H. GARY GABRIEL
Executive Vice Chairman
+1 201 460 3352
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FRANK A. DITOMMASO
Managing Director
+1 201 508 5303
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SETH C. ZUIDEMA
Senior Analyst
+1 201 508 5239
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JOHN ALASCIO
Managing Director
+1 212 841 9238
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CHUCK KOHAUT
Director
+ 1 201 528 2154
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DAN JOHNSEN
Executive Managing Director
+1 201 460 3351
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FRANK MALDONADO
Senior Associate
+1 201 508 5225
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Cushman & Wakefield, LLC | Capital Markets
One Meadowlands Plaza, 7th Floor, East Rutherford, NJ
+1 201 935 4000
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© 2022 Cushman & Wakefield. All rights reserved. The information contained in this communication is confidential, may be privileged and is intended for the exclusive use of the above named addressee(s). If you are not the intended recipient(s), you are expressly prohibited from copying, distributing, disseminating, or in any other way using any information contained within this communication. This information has been obtained from sources believed to be reliable but has not been verified. NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE CONDITION OF THE PROPERTY (OR PROPERTIES) REFERENCED HEREIN OR AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED HEREIN, AND SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, WITHDRAWAL WITHOUT NOTICE, AND TO ANY SPECIAL LISTING CONDITIONS IMPOSED BY THE PROPERTY OWNER(S). ANY PROJECTIONS, OPINIONS OR ESTIMATES ARE SUBJECT TO UNCERTAINTY AND DO NOT SIGNIFY CURRENT OR FUTURE PROPERTY PERFORMANCE. This e-mail may be considered advertising under federal law. |
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