June 20, 2017
Rhodium Capital Advisors paid $20 million for the office building at 600 Pavolnia Ave. in Jersey City, NJ.
“This acquisition serves as a testament to Rhodium’s unparalleled ability to identify and reposition buildings in up-and-coming neighborhoods,” said Daniel Shragaei, managing principal of Rhodium Capital Advisors, which plans to spend another $3 million on capital expenditures and tenant improvements.
The eight-story building is in the heart of Jersey City’s Journal Square neighborhood, near a PATH station and surrounded by construction projects that will add 5,000 new apartments to the area. Several new commercial tenants have already signed leases at the buildings.
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