Location, High Occupancy Among Updated Asset’s Competitive Advantages

CLARK, N.J., Nov. 12, 2018 – Full-service real estate company Mountain Development Corp. (MDC) and joint-venture partner Bukiet Building and Management Co., LLC have recently sold 67 Walnut Avenue, a 76,000-square-foot five-story office building in Clark, N.J. The multi-tenanted Union County building was traded to a private investor for $10.525 million.

MDC and Bukiet purchased the building in 2015 and have completed a series of capital improvements – including a new roof, new parking lot, new elevators, HVAC updates and the addition of a “grab and go” café – in order to maintain the building’s competitive advantage in the marketplace. 67 Walnut Avenue was 97 percent occupied at the time of sale.

“Over a three-year period, 67 Walnut Avenue’s occupancy increased from 75 percent to nearly 100 percent,” said Michael Bukiet. “This leasing momentum is a testament to the quality of the asset, as well as MDC’s expertise in coordinating a successful capital improvement strategy.”

The Marcus & Millichap team of Fahri Ozturk, Rick Lechtman, Ben Sgambati and Alan Cafiero represented the seller in the transaction. The sale was further assisted by David Zimmel of Zimmel Associates, who consulted for the seller.

“Strong demand for office space in proximity to transit and with upgraded amenities are driving more real estate investors to acquire properties in suburban locales,” said Fahri Ozturk, Vice President of Marcus & Millichap. “These assets continue to be a highly sought-after investment type in our region. In the case of 67 Walnut Avenue, we experienced a substantial amount of interest from a range of potential buyers.”

Situated off Exit 135 of the Garden State Parkway, 67 Walnut Avenue is set on 2.94 acres and offers tenants and guests ample on-site parking; convenient highway access; and proximity to a variety of shopping and dining options. Nearby are a Holiday Inn hotel, Newark Liberty International Airport, Robert Wood Johnson Hospital Rahway and Kindred Hospital.

About Mountain Development Corp.
MDC has more than 30 years of experience developing, acquiring, constructing, repositioning, managing, leasing and operating commercial property. The company is an active acquirer of a broad range of opportunistic and value-added real estate investments capable of generating attractive, risk-adjusted returns for both its principals and equity partners. Active throughout the Northeast, MDC’s accomplished staff includes in-house development, accounting, property management, construction, leasing and marketing professionals, enabling the company to operate autonomously and deliver expeditious, successful results.