8/17/2007

Plainfield, N.J., office building sells for $19.6 million

by

Southfield Center

Southfield Crown Realty, a subsidiary of New York-based Navika Capital Group, bought the Southfield Center in South Plainfield, N.J., for $19.6 million from Florida-based Realty Associates Iowa Corp. on Aug. 17.

Cushman & Wakefield brokered the deal worth about $122.5 per square foot.

The three-story building, built in 1982, sits at the corner of Cragwood and Hadley Roads and houses 160,000 square feet of Class-A office space on 15 acres. It was 92 percent occupied at the time of the sale.

The remaining space is currently listed at $19 per square foot.

Navika Capital Group is a private investment firm based in Bethpage, N.Y.

Address: 1 Cragwood Rd., South Plainfield, N.J.

Size: 160,000 square feet

Built: 1982

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Filed Under: Office

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