NEW YORK, NY – June 7, 2012 – (RealEstateRama) — Racebrook, and its auction affiliate Sheldon Good & Company, will conduct an auction on June 28, 2012, to sell 2 Riverview Drive, a three-story, 79,485 square foot, Class-A office building sitting on a beautifully landscaped 6-acre lot in Somerset, New Jersey, which is regarded as a premier commerce and industry hub in the Northeast Corridor. The multi-tenant office building is located in one of central New Jersey’s most desirable office and distribution locations, just 41 miles from New York City, 72 miles from Philadelphia and a few hours from Boston and Washington, D.C. The auction will take place at the property and will commence at 10:00 am.
Providing easy access to major highways along the corridors of I-287, I-78 and Rt-22, the property was originally built in 1987, and its M-1 Zoning provides flexibility for an owner to develop a flagship corporate office or an investor to generate income from multi-tenant occupancy. The building offers open floor plans for easy configuration and are divisible by 2,500 square feet to provide flexible use by different tenants. In addition, the property features 16 corner offices with terraces, well-maintained grounds and almost 300 parking spaces.
“2 Riverview Drive’s central New Jersey location and close proximity to major cities like New York and Philadelphia, provide a local or national buyer with immediate access to one of the most sought after office and distribution locations in the metropolitan area. The building is well positioned to attract a variety of tenants or be the perfect space for a company’s new headquarters with its central location, office plan flexibility and variety of attractive attributes,” said John J. Cuticelli Jr., CEO of Racebrook/Sheldon Good & Company.
The 2 Riverview Drive open out-cry auction will be conducted on Thursday, June 28, 2012, at the property (2 Riverview Drive, Somerset, NJ). Registration begins at 10:00 AM and the auction will commence promptly at 11:00 AM. For additional information on the auction and to view the property by appointment, call (800) 315-2199 or visit www.SomersetNJAuction.com.
ABOUT RACEBROOK/SHELDON GOOD & COMPANY
Racebrook is a private investment firm founded in 2004 (originally a portfolio company of Warburg Pincus, one of the oldest private equity firms in the world), focusing on opportunity and disintermediation in the real estate and capital markets. Racebrook’s principals have executed in excess of $23 billion in commercial real estate transactions and advisory assignments by creating value through its acquisition and disposition process, resolution of property status, efficient management, aggressive asset repositioning and the expeditious implementation of asset specific business plans.
Racebook is skilled at development, redevelopment, targeted improvements, leasing, marketing and sales, in addition to being an experienced advisor and investor in opportunistic assets, distressed markets, non-performing loans and CMBS. Having both Main Street and Wall Street experience, the company has invested in every real estate asset class across a wide range of geographic markets. The company’s portfolio of integrated companies include: Racebrook Capital, Racebrook Restructuring Services, Racebrook Financial, NoteSale.com, Racebook Marketing Concepts and its auction affiliate Sheldon Good & Company, a pioneer of structured marketing campaigns and momentum-building real estate auction programs since 1973.
The firm’s headquarters are based in New York City, with primary offices in Chicago, Denver, Los Angeles, San Francisco, Miami, Puerto Rico, Jamaica and other strategic locations. Please visit www.Racebrook.com for more information.
Philip V. Ramirez
T 212 604 0318
M 347 564 6975