Matrix Buys 535 Connecticut Avenue in Norwalk

Matrix Investment Group, a New York-based real estate company founded in 1994 by Glen Nelson and Richard Nieto, has purchased 535 Connecticut Avenue in Norwalk, CT for $13.5 million. Jeffrey Dunne and Steven Bardsley of CBRE Group Inc.'s Institutional Properties team represented the seller, a joint venture of KABR Real Estate Investment Partners and Blackpoint Partners, in the sale of the building. Terms of the deal were not disclosed.

Jeffrey Dunne commented: "535 Connecticut Avenue's easily accessible location and good 'bricks and sticks' should provide Matrix significant upside through the lease-up of the vacant space, including the only contiguous block of space over 90,000 square feet on the Route 1 corridor."

The 179,000-square-foot office building is located directly on Connecticut Avenue (Route 1) with high visibility from Interstate 95. 535 Connecticut Avenue, which was 45% leased at the time of sale, features easily divisible floor plates and amenities including a fitness center, cafeteria, and 95% covered parking.

For more news and information visit Blumberg Capital Partners.

100 Plaza Drive in Secaucus Sold for $47M

Hartz Mountain Industries, Inc. announced this week that it had sold 100 Plaza Drive in Secaucus, New Jersey for $47 million to Virginia-based Harbor Group International. CBRE's New York Institutional Group represented Hartz in the transaction and arranged the sale, which follows the June purchase of 200 Plaza Drive in Harmon Meadow by Gaia Real Estate for $56 million, according to a NorthJersey.com report.

"The 100 Plaza Drive acquisition provides Harbor Group International with a well located, recently renovated office building with excellent access to Midtown and an unmatched amenity base," said Jeffrey Dunne of CBRE. "Harbor Group International was attracted to the Property's strong credit tenancy and minimal near term rollover, and should fare well with the investment."

The property is located within the Harmon Meadow complex, a 4.4 million square foot mixed-use development, which includes numerous tenant amenities such as restaurants, parking, hotels and retail – all within walking distance of the property. Developed by Hartz in 1981, the 265,000-square-foot building at 100 Plaza Drive is primarily occupied by NBA Entertainment and Scholastic Corp., the company said in a news release. Hartz renovated 100 Plaza Drive between 2008 and 2011, with improvements including a new facade, roof and air-conditioning-heating system, an upgraded four-story atrium and entryways along with a newly constructed adjacent parking deck.

For more news and information visit Blumberg Capital Partners.