East Coast developer buys Ridgedale center

Buildings connected by skywalk

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CB Richard Ellis recently represented 711-717 Ridgedale Associates L.P., an entity controlled by Preferred Real Estate Investments Inc., in the sale of Ridgedale Corporate Center in East Hanover, N.J. The value of the transaction was $15.3 million. North Jersey Development Group Inc. purchased the two-building complex, which comprises approximately 151,400 square feet at 711/717 Ridgedale Ave. The North Building is a two-story structure containing approximately 36,660 square feet. The South Building is a three-story, 114,754-square-foot structure built partially over grade-level surface parking, and is connected to the North Building via a second-story skywalk. At the time of sale, the complex was one-third leased to National Prescription Administrators Inc. Los Angeles-based CB Richard Ellis is a commercial real estate services firm operating worldwide. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....