Country Club Plaza

Paramus, New Jersey



  • ASSET CLASS: Class A Office
  • IRR: 30.1%
  • TOTAL EQUITY: $6,995,000

In 1999, American Landmark Properties purchased the 230,000-square-foot Country Club Plaza, a Class A office building in Paramus, New Jersey, for $24,000,000. At the time of purchase, the building was 50% occupied. Within a few months of the acquisition, American Landmark Properties reduced the building’s operating expenses by 17% and proceeded to lease-up the remaining space. During the eight years in which American Landmark Properties owned this building, it remained consistently in excess of 95% occupied. The purchase included additional land, which was separated from the original parcel. American Landmark Properties spearheaded the subsequent planning, design, and zoning for a new 100,000-square-foot building on this new site. The property was refinanced twice and subsequently sold in 2005 for $51,000,000.

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