Onyx Equities purchases add up to $200M portfolio.
These acquisitions include more than 1.2 million square feet of office and retail properties located in New Jersey and Connecticut.
Onyx closed these core plus and value-added acquisitions in partnership with a variety of institutional and high net worth individuals, such as Invesco Real Estate, Rockwood Capital Corporation, Gramercy Capital and The Prescott Group.
Headquartered in Woodbridge, New Jersey, Onyx Equities was formed in 2004 and is co-managed by John Saraceno, Jr. and Jonathan B. Schultz. Onyx Equities invests in office, retail and industrial properties located in New Jersey, New York, Connecticut and Pennsylvania.
In December 2004, Onyx Equities completed its first acquisition in joint venture with Rockwood Capital Corporation. Two Montgomery Street is a 164,000 square foot, Class A office property located in the Jersey City waterfront office market at Exchange Place and is fully leased to MetLife.
In February 2005, Onyx Equities and Invesco Real Estate completed their $145 million acquisition of the Lincoln Equities/Investcorp office portfolio in New Jersey. The portfolio included Meadows Office Complex in Rutherford, New Jersey. The Meadows is a 578,000-square-foot, Class A property located at 201-301 Route 17 North. The portfolio also included Eagle Rock Executive Office IV, a 178,000-square-foot, Class A property located at 120 Eagle Rock Avenue in East Hanover. The final asset in the portfolio was Rockaway 80 in Rockaway, New Jersey. Rockaway 80 is a 256,000-square-foot, Class A office property located directly off I-80 in the heart of the Rockaway Mall.
In May 2005, Onyx Equities purchased, in partnership with The Prescott Group, 8-10 Wright Street in Westport, Connecticut. 8-10 Wright Street is an 82,000-square-foot, Class A office property located in the heart of Westport's central business district.
Finally, in July 2005, Onyx Equities purchased Summerhill Marketplace in East Brunswick, New Jersey. Summerhill Marketplace is an 80,000-square-foot, A&P-anchored retail shopping center located on Summerhill Road directly off Route 18.
Onyx Equities has quickly become a leading owner/manager of commercial real estate in the tri-state marketplace. Onyx is currently pursuing two separate transactions, which would increase its properties under management by more than 500,000 square feet and $100,000,000 in value.
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|Publication:||Real Estate Weekly|
|Date:||Oct 12, 2005|
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