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10 Independence Blvd. in Warren — Courtesy: Cushman & Wakefield
By Joshua Burd
American Equity Partners has sold a nearly 121,000-square-foot office building in Warren, following its 2016 purchase and subsequent upgrade of the property off Interstate 78.
According to Cushman & Wakefield, which arranged the sale, Signature Acquisitions paid an undisclosed price in the transaction at 10 Independence Blvd. The brokers noted that the four-story structure underwent a full renovation that resulted in an updated lobby, common areas, restrooms, a fitness center and other spaces, while the property has a recently constructed, 8,250-square-foot retail site with Warren’s first and only approved drive-through, which will be home to Dunkin’ Donuts, other quick-service restaurants and potential light medical uses.
“American Equity Partners did an exceptional job during their ownership of 10 Independence, not only adding top-quality amenities and finishes within the office building, but also utilizing excess land to develop a brand-new lifestyle and retail pad on the property which will improve the overall office experience,” Cushman’s Frank DiTommaso said. “With an existing major footprint along the I-78 corridor, and particularly within the Exit-33 submarket, Signature Acquisitions was the ideal buyer for this site as they continue to expand their presence locally.”
DiTommaso represented the seller alongside David Bernhaut, Andy Merin, Gary Gabriel and Will Gerlin, also of C&W. For Signature Acquisitions, the 120,623-square-foot building is the latest piece of a New Jersey office portfolio that has grown in recent years, while it’s part of the five-building, 650,000-square-foot Independence Boulevard office park.
“Today’s sale is a testament to the adage ‘flight to quality,’” said David Elkouby, a partner at American Equity Partners. “We completely updated this building using the highest quality materials and incorporated high-end amenities which kept our occupancy at over 95 percent.”
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