A Canadian investment firm has snatched up a quarter-million s/f of office space in Northern New Jersey in one fell swoop.
Toronto-based Northbridge Investment Management Inc. purchased the 264,000 s/f complex at 100 Enterprise Drive in Rockaway.
Located on 11 acres near the Route 15 and Interstate 80 interchange, the complex stands seven stories tall and features a granite façade that wraps around the first few floors while the rest of the building is clad in reflective glass and steel.
Inside, the 27-year-old building boasts a two-story atrium, panoramic views from the top floors and a full-service cafeteria. It also has covered parking spots and is walking distance from the Rockaway Townsquare shopping center, which features a Wal-Mart and several other stores.
Holliday Fenoglio and Fowler represented the seller, who was identified only as “an institutional client.” HFF’s investment advisory team included senior managing director Jose Cruz, managing directors Kevin O’Hearn and Brett Segal and senior directors Michael Oliver and Stephen Simonelli.
Northbridge Investment is one of several Canadian firms that have been active investors in the U.S. in recent years. It has been involved in roughly 150 transactions, acquiring a diverse portfolio of residential, retail and office properties valued at $5 billion.