CB Richard Ellis’ New York Tri-State Investment Team represented Mt. Rockaway Property LLC in the sale of the 95,500-square-foot Rockaway Executive Center in Rockaway Township, N.J.
The value of the transaction was $22 million.
Mt. Rockaway Property LLC, an entity owned by affiliates of Wexford Capital LLC and U.S. Realty Advisors Inc., sold the property to The Newkirk Master Limited Partnership.
Rockaway Executive Center is a class A, three-story office building located at 333 Mount Hope Ave. The building, which was completely renovated in 2002 at a cost in excess of $7 million, and is 100 percent leased to the BASF Corp. through Sept. 30, 2014, as the home of the company’s Information Services Group.
The BASF Corp. is the North American affiliate of BASF AG, a global chemical company.
The CB Richard Ellis New York Tri-State Investment Team specializes in the sale of investment properties in the suburban markets surrounding New York City, as well as select regional markets throughout the country.