352 Turnpike Rd (Rt. 9),
Ferris Development acquired 352 Turnpike Road, a 70,500 Square foot Class B office building in January of 2012. The asset was approximately 50% leased at acquisition and purchased at $3.8 million. In addition, Ferris sold 2.2 acres in the rear of the site for $1.5 million to a multifamily buyer for construction of 28 townhomes, thus reducing the net basis to $2.3 million. The asset has undergone significant improvements and the asset is well stabilized. The property is currently nearing completion of replacement of its ribbon windows and frames to maintain a more modern look and feel to this well located suburban asset. This property has seen a tremendous increase in value over the hold due to Ferris Development Group's in-house expertise.