September 9, 2016
Capstone Realty Group and JD Companies partnered to acquire the 650,000-square-foot Continental Plaza in Hackensack, NJ. The $63 million paid to LNR Partners for the property represented Bergen County’s largest year-to-date office trade. Colliers International’s Jacklene Chesler led the team that negotiated the deal.
The property was foreclosed on in 2012 to satisfy a $102 million mortgage taken out by the previous owners, Normandy Real Estate Partners and Morgan Stanley.
Continental Plaza is at 401, 411 and 413 Hackensack Ave. The asset is 72% leased, with more than $16.5 million invested in improvements. According to Chesler, the asset attracted more than 15 qualified offers.
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