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C&W helps Ivy Realty with $25m Edison office purchase.

Ivy Realty announced the acquisition of Raritan Plaza III, located at 101 Fieldcrest Road in Edison, N.J. The 178,000 s/f, six-story office building was acquired for $25 million from Lincoln Property Company and The Archon Group.

Ivy plans to embark on a significant property enhancement program for this asset.

Anthony DiTommaso, Jr., CEO of Ivy Realty, commented, "We're pleased to announce the acquisition of Raritan Plaza III. This acquisition reflects our focus on value-add opportunities and ability to consistently source opportunistic transactions in the marketplace."

Situated on 13.5 acres of land in the heart of Middlesex county, Raritan Plaza III is recognized as one of the premier assets in Raritan Center.

The class A office property is currently 80% occupied by such tenants as Washington Mutual, Grubb & Ellis and Penn Mutual.

Raritan Plaza III is located near the Garden State Parkway and Route 1.

Andrew Merin, Gary Gabriel and David Bernhaut, of Cushman & Wakefield, were the brokers in this transaction.
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Title Annotation:NEW JERSEY; Ivy Realty acquires property from Lincoln Property Co. and The Archon Group.
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Apr 27, 2005
Words:164
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