NYC-based private investor buys Paterson office building

An unidentified, New York City-based private investor shelled out $15.25 million for an office building in Paterson in a deal brokered by CBRE, NJBIZ reported. Mountain Development Corp. sold the 14-story, Class A building at 100 Hamilton Plaza, which is anchored by state administrative offices, according to the outlet. The 181,995-square-foot property is over 90 percent leased. “From the beginning of the process, the buyer understood that this was a truly unique opportunity and acted aggressively to separate themselves from the competing bidders,” CBRE Institutional Properties’ Jeremy Neuer said in a statement. [NJBIZ]