Investments

401, 411 & 433 HACKENSACK AVENUE
HACKENSACK, NJ 07601

Details
  • 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 $1.25M, and is implementing a $16.5M capital renovation program.
  • Over 80,000 SF of new class-A office have been delivered in less than 16 months.

50 TICE BLVD
WOODCLIFF LAKE, NJ 07642

Details
  • Capstone recently acquired a 250,000 SF Class-A office building from an institutional seller.
  • Capstone is currently implementing a $5.0M capital upgrade and re-tenanting program.
  • The property should be renovated and achieve stabilized occupancy in 24-30 months.

155 CHESTNUT RIDGE ROAD
MONTVALE, NJ 07645

Details
  • 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 increased occupancy to 100% within 24 months.

135 Chestnut Ridge Road
Montvale, NJ 07645

Details
  • Capstone acquired a 65% leased office building from an institutional seller for 60% of replacement cost.
  • Capstone is currently implemented a $3.0M capital improvement program and rebranded the building in combination with 155 Chestnut Ridge Road.

330 & 330 & 350 MOTOR PARKWAY
HAUPPAUGH, NY 11787

Details
  • 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 $3.5M capital and leasing plan in early 2013 and increased occupancy to 95% from 47%.
  • The Wendy’s pad site lease was extended to 20 years and sold to a 1031 buyer.
  • Capstone executed a 160% cash out refinance in 2016.

7 BECKER FARMS ROAD
ROSELAND, NJ 07039

Details
  • 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 leased to Dish Network and sold.
  • 5 ADP Blvd’s (now 7 Becker Farms Road) occupancy increased to 100% from 50%.
  • Capstone executed a 150% cash out refinance in 2016.

3275-3279 VETS HIGHWAY
RONKONKOMA, NY 11741

Details
  • Capstone acquired a defaulted note secured by a 75,000 SF office park and acquired title in 45 days.
  • The office park was renovated at the cost of $2.0M and occupancy increased to 95% from 47% in 24 months.
  • Capstone executed a 170% cash out refinance at year end 2014.

611 ROUTE 46 WEST
HASBROUCK HEIGHTS, NJ 07604

Details
  • 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 $4.0 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.

2 & 4 BRIGHTON ROAD
CLIFTON, NJ 07011

Details
  • 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.