Prism Capital Partners Sells Wayne's 1655 Valley Rd. for $14.2 Million

Top Quote Privately Held Real Estate Investment Firm Acquired The 163,000-SF Office Building, Which Recently Welcomed UPS as Prime Tenant. End Quote
  • Newark, NJ (1888PressRelease) March 11, 2011 - Prism Capital Partners has completed the sale of 1655 Valley Rd., a 163,000-square-foot, four-story office building, to a New York-based privately held real estate investment firm. The sale price was approximately $14.2 million.

    "This well-located asset, on the border of Bergen and Passaic counties, near I-80, attracted considerable interest," said Gene Diaz, founder and principal of Englewood, N.J.-based Prism Capital Partners. "We were able to successfully reposition this building, which was vacant when we acquired it as a value-added opportunity."

    The building was constructed in 1987 and formerly served as the U.S. headquarters for consumer product giant Reckitt Benckiser. Prism acquired the asset a few years after Reckitt vacated and through its reputation as a well capitalized and aggressive dealmaker was able to secure such a venerable corporation as UPS to be the long-term anchor tenant of the building.

    "We coordinated a complete interior retrofit to UPS' specifications to prepare the space for more than 650 employees," said Diaz. "UPS is utilizing the space for its technology-based business operations."

    The sale of 1655 Valley Road, whose site can support a building expansion of 24,000 square feet, was arranged by Newmark Knight Frank.

    "This transaction is a prime example of our ability to buy opportunity and create value," said Diaz. "We are conservatively financed and significantly well capitalized to attract and complete transactions such as this. While few people are actually buying in this economic environment, we remain committed to seeking opportunities throughout the marketplace."

    Headquartered in Englewood, N.J., Prism is an experienced real estate owner/operator with a proven track record of creating value through select real estate investments and developments. Geographically focused in the tri-state region of New York, New Jersey and Connecticut, Prism specializes in identifying, acquiring and creating unique, value-added opportunities in the office, retail, industrial and residential markets. Since its inception in 2002, the firm has orchestrated the repositioning of an impressive list of properties and projects.

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