401, 411 & 433 Hackensack Avenue
Hackensack, NJ 07601
- Capstone acquired a 650,000 SF mixed-use class A suburban office and restaurant complex for $63M; at 50% of the prior owner’s cost basis.
- Capstone closed the deal in 40 days, reduced operating costs by over $1M, and in currently implementing a $16.5M capital renovation program.
155 Chestnut Ridge Road
- Capstone acquired a 75% leased 105,000 SF class-A institutionally owned office building.
- Capstone reduced operating costs by over 20%, implemented a $1.5M capital improvement and leasing program and we increased occupancy to 100% within 24 months.
465 Columbus Avenue
- Capstone acquired a $16M defaulted note secured by a 100,000 SF office building and acquired title in 60 days.
- Capstone rebranded the property, implemented a $2.25 capital improvement and leasing program and stabilized occupancy at 95% in less than 30 months.
- Capstone executed a 140% cash out refinance in 2016.
330 & 330 & 350 Motor Parkway
- Capstone acquired a defaulted $19M mortgage secured by a two suburban office buildings and a Wendy’s pad site and acquired title within 90 days.
- Capstone implemented a $2.0M capital and leasing plan in early 2013 and increased occupancy to 93% from 47%.
- Capstone executed a 160% cash out refinance in 2016.
3 & 5 ADP Blvd
- Capstone acquired two office buildings for $40/SF that were vacated by a global payroll processing company.
- Capstone rebranded the buildings, implemented a $5.0M capital and leasing program; 3 ADP was 100% NNN leased to Dish Network and 5 ADP’s occupancy increased to 100% from 50%.
- Capstone executed a 150% cash out refinance in 2016.
3275-3279 VETS Highway
- Capstone acquired a defaulted note secured by a 70,000 SF office park and acquired title in 45 days.
- The office park was renovated at the cost of $1.25M and occupancy increased to 92% from 47% in 24 months.
- Capstone executed a 170% cash out refinance at year end 2014.
2 & 4 Brighton Road
- Capstone acquired a $16M defaulted note secured by a vacant 155,000 SF three building corporate campus and acquired title at closing.
- Capstone quickly sold the rear flex building, lowering our cost basis to $30/SF; we rebranded the complex, implemented a $4.0M capital and leasing program and increased occupancy to 100% from 0% in 20 months.
- Capstone sold the asset in 2016 for approximately 5x the acquisition price.
611 Route 46 West
Hasbrouck Heights, NJ
- Capstone acquired a $16M loan and obtained title by a deed in lieu of foreclosure to a 130,000 SF class-B office buildings.
- In 2010, Capstone implemented a $2.0 capital and leasing improvement plan and increased occupancy to 95% from 64%.
- Capstone has refinanced the property twice in the past seven years and has realized over a 45% IRR on this investment.