Q2 2012 Northern New Jersey, New Jersey Office Property Sales Analysis

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Q2 2012 Northern New Jersey, New Jersey Office Property Sales Analysis


There was just one qualifying office sale in the second quarter, Reis reports.* In April, a 115,000-square-foot building on Commerce Drive in Allendale was sold by Riggs & Company to Loeb Partners Realty for $15.85 million ($138 psf). The cap rate was 9.4%; the rolling 12 month cap rate is 8.1% for 11 deals, with most of the transaction value over four quarters taking place in two sales of major buildings in the fourth quarter of 2011.