Prism Capital Partners Sells Hackensack, N.J., Flex Building

Prism Capital Partners, LLC
50 Grand Avenue
Englewood, New Jersey 07631

Media Contact: Evelyn Weiss Francisco: [email protected], (201) 796-7788

PRISM CAPITAL PARTNERS SELLS HACKENSACK, N.J., FLEX BUILDING
Jewelry Importer Acquires 60 Commerce Way for Headquarters Operation

HACKENSACK, N.J., June 8, 2010 – Prism Capital Partners, LLC has announced the sale of 60 Commerce Way in Hackensack, to a jewelry importer that will relocate its headquarters locally to the 43,000-square-foot, single-story flex building. Michael Schaible of Jones Lang LaSalle represented the seller, and Young Star Realty, LLC represented the buyer.

Prism Capital Partners purchased 60 Commerce Way with joint venture partner New Boston in 2005 as part of a two-building complex that also includes the 30,000-square-foot 80 Commerce Way. The firm completely redeveloped the property, investing $1.5 million in a new façade and infrastructure, as well as mechanical and roof upgrades. Prism Capital Partners maintains ownership of 80 Commerce Way, which is fully occupied by Pinnacle Wireless.

“Marketing 60 Commerce Way for sale fell in line with our strategic business plan,” noted Edwin H. Cohen, a principal with Prism Capital Partners. “Our investment approach centers on purchasing quality assets, adding value and, in certain instances, creating an environment conducive to disposition. Such was the case with 60 Commerce Way.”

According to Cohen, the property’s strategic Bergen County location, just north of Riverside Square Mall and adjacent to the upscale Route 4 retail corridor, drew significant interest from potential buyers. “This location afforded the purchaser a centralized site with the ability to take advantage of the neighborhood’s unparalleled transportation and support services.”

Cohen added that 60 Commerce Way offers abundant parking and as-of-right zoning that allows a portion of the space to be used for retail sales.
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