New Jersey Office Building Changes Hands

Ravine Development Co. LLC has sold 10 Park Ave., a 154,777-square-foot office building in Hanover Township, N.J. JLL represented the seller in the off-market deal.

RWJBarnabas Health Foundation acquired the asset for $14 million, according to Morris County public records.

The three-story building came online in 2001 and went through capital improvements in 2016 that included a lobby renovation. The low-rise features 51,592-square-foot floorplates, two terraces, four passenger elevators, a fitness center and 577 parking spaces.

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Sitting on almost 9 acres at 10 Park Ave., the Class A building is just off of New Jersey State Route 24 and is near Morristown Airport. JFK International Airport is some 52 miles away, while Newark, N.J., is within 18 miles southeast.

The JLL Capital Markets Investment Sales and Advisory that represented the seller included Vice Chair Dan Loughlin, Senior Managing Directors Jeremy Neuer and Jose Cruz, Executive Vice President Charlie Dillon, Managing Director Bob Ryan, Director Ryan Robertson and Senior Analyst Pranav Patel.

New Jersey sale prices lag national average

Year-to-date through August, New Jersey’s office investment volume hit $397 million, according to the latest CommercialEdge office report. Assets in the metro traded for an average of $106 per square foot, well below the $173 national figure. Additionally, the market was the only in the Northeastern region with a vacancy rate above the national average, clocking in at 19.9 percent.

At the beginning of this year, Horizon Equities purchased Jackson Health Village, a 150,000-square-foot medical office building in Jackson, N.J., for $24 million. The three-story property came online between 2014 and 2015.