Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and co-ops—rose 3.1% from December to a seasonally adjusted annual rate of 4.00 million in January.
Ramapo Based CRE Firm Pays $88M for New Jersey Office Complex
RAMAPO—Locally-based commercial real estate services firm Northeast Capital Group has acquired Woodbridge Corporate Plaza, a six-building Class A office complex in Iselin, NJ for $88 million.
The property, which includes 629,189 square feet of office space, was sold by KBS, an Iselin, NJ-based commercial real estate investment firm. Newmark represented KBS in the transaction
KBS originally purchased the business park in 2005, completing a multimillion-dollar renovation that included construction of all new corridors and restrooms, upgrading of flooring and lighting, installation of new entrance doors and new signage opportunities for tenants. The property provides a host of sought-after amenities, including a new 6,000-square-foot fitness center, a full-service café and caterer, on-site management office and shuttle service to the Metropark transit hub, according Stephen Close, asset manager for Woodbridge Corporate Plaza and senior vice president of KBS.
“The New Jersey office market is home to a diverse roster of Fortune 500 companies and tenants who are drawn to a highly accessible, regional location,” said Marc DeLuca, eastern regional president for KBS. “Woodbridge Corporate Plaza is defined by its proximity to the intersections of I-95, I-278 and Route 1 with exceptional mass transit connectivity via Amtrak, New Jersey Transit and the Metropark Station.”
He added that the sale represents investors’ robust appetite for top-quality office properties in prime locations throughout the country despite the COVID-19 pandemic.
“Northeast Capital Group recognized an extraordinary opportunity to acquire one of Metropark’s most desirable office parks,” said Close. “The renovations KBS completed at this property make this well-located asset even more attractive to existing and prospective tenants. This business park is an excellent addition to the buyer’s portfolio.”
In July 2020 an affiliate of Northeast Capital Group acquired the Offices at Bedminster office complex in Morristown, NJ from New York Life Real Estate Investors.
Commercial brokerage firm JLL marketed the 194,000-square-foot office complex for seller New York Life Real Estate Investors. JLL did not disclose the sale price. In a report in Commercial Property Executive, the sale price was reported as $33.5 million. New York Life Real Estate Investors acquired the Offices at Bedminster in 2006 for $43.7 million, according to a report in Real Estate Weekly.