Two-Building Ibis Plaza Meets Trend Toward Smaller Offices, Flexible Terms
HAMILTON, N.J., Dec. 17, 2018 – The trade of a two-building office complex in Hamilton reflects the sustained appeal of quality, multi-tenant product for investors in New Jersey’s greater Princeton submarket, according to Cushman & Wakefield. The commercial real estate services firm arranged the sale of Ibis Plaza, 3525-2525 Quakerbridge Road, from a private ownership entity to IBIS Realty LLC.
The single-story buildings, totaling 119,000 square feet, were 88 percent occupied by approximately 75 tenants at the time of the sale. According to Cushman & Wakefield’s Andrew Schwartz, IBIS Realty LLC was drawn by the appealing risk profile afforded by the property’s diverse tenant profile as well as upside potential via lease-up of its available space.
“Ibis Plaza accommodates the market trend toward smaller offices, collaborative spaces and flexible terms,” noted Schwartz, who headed the sale transaction with investment sales specialists Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Ryan Larkin, along with leasing broker Milt Charbonneau. “The single-story design accommodates varied uses in a market with limited ‘like’ alternatives at competitive pricing.” Distinctive building features include a 26,000-square-foot express office suites component as well as a 6,700-square-foot event venue available for rent to both tenants and off-site organizations.
The Ibis Plaza offering drew healthy interest from a pool of private regional investors. “Ibis Plaza is strategically located in the high growth, highly educated Princeton Corridor,” Larkin noted. “The same attributes that provide a strong draw for tenants – plentiful neighborhood amenities, surrounding executive housing communities, a highly educated labor pool and proximity to major universities – continue to make this location a prime investment target.”
Ibis Plaza sits just 2.5 miles from a I-295 interchange and two miles from the Hamilton New Jersey Transit Train Station providing service to NYC Penn Station, with local NJ Transit bus service 30 feet from the property entrance.
Based in East Rutherford, Cushman & Wakefield’s New Jersey capital markets team specializes exclusively in office, industrial, multifamily, land and retail property trades throughout New Jersey, New York, and Fairfield County, Conn. The group has completed $30 billion worth of transactions since 2000, closing over $3 billion in sales in 2018.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.