Heritage Capital Group Buys Plaza Nine Property from Ivy Equities

Woodbridge , N.J. Jun 25, 2007

Heritage Capital Group, LLC has acquired Plaza Nine, a Class A office property at 900 Route 9 North in Woodbridge, N.J., from Ivy Equities. Cushman & Wakefield’s Metropolitan Area Capital Markets Group orchestrated the $22 million trade, which represented the inaugural purchase by Heritage, a newly established investment entity.

Situated on approximately six acres immediately north of the three-way intersection of Route 9, the New Jersey Turnpike and the Garden State Parkway, the six-story, 112,568-square-foot Plaza Nine building is fully occupied. Its anchor tenants include JP Morgan Chase Bank and NIP Group Inc.

“This is a terrific first project for us,” noted Jeffrey Greenberg, principal of Heritage Capital Group, which formed this spring. “Plaza Nine represents a superior asset in one of the most accessible locations in Northern New Jersey. It is poised to continue to outperform its competitive set.”

“This property has a history of consistent leasing momentum and has paced the region in occupancy and tenant retention,” said Cushman & Wakefield’s Gary Gabriel, who handled the sale with team members Andrew Merin, David Bernhaut and Jose Cruz. “Its location, historical occupancy rate, and strong tenant base resulted in 100 percent occupancy rates and drew great interest from the investment community.”

Plaza Nine features a steel-framed, tinted glass façade. The center-core configuration provides the flexibility to accommodate single or multiple users on each floor. Ample parking; on-site food service; attractive landscaping; and an abundance of nearby retail, hotel and dining amenities round out its appeal.

“Our presence in Woodbridge has been rewarding, and the disposition of Plaza Nine enables us to take advantage of current market conditions and realize a solid return from our involvement there,” said David Archibald of Ivy Equities.

The property is located within Middlesex County’s thriving Woodbridge/Edison submarket, a well-established office, retail and residential destination. The quintessential labor intercept site, it provides an easy commute from Northern, Central and South Jersey as well as Staten Island. And, as the geographic center of the Boston/Washington Northeast corridor, the market sits approximately 35 miles southwest of Manhattan and 60 miles northeast of Philadelphia.

Press Info

Heritage Capital Group, LLC
Post Office Box 627 123 Prospect Street, Ridgewood, NJ 07451
P: 201.251.9700 F: 201.251.9009 press@heritagemgmt.com