S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
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M id A tlantic
100 & 200 Corporate Dr. — two three-story buildings totaling 185,866 s/f Colliers International arranges the $5.8m sale of two office buildings in Lebanon, NJ
Northern SPOTLIGHT HI-LIGHTS The Berger Org.’s Robert Treat Center 90% occupied 5-12B EBANON, NJ — Col- liers International has arranged the $5.8 million sale of two class-A of- fice buildings, also known as 100 Corporate Dr. and 200 Corporate Dr., located at 78 Corporate Center in Lebanon. The three-story buildings, totaling 185,866 s/f, feature a masonry brick veneer façade, insulated glass, and elevators. The 92,925 s/f property at 100 Corporate Dr. is currently 39% occupied and includes a recently renovated common L MARCH 13 - 26, 2015
area. The 92,941 s/f asset, 200 Corporate Dr., is vacant and ideal for a single tenant, but its 30,000 s/f floor plates can accommodatemulti-tenanting. This property also includes a full service cafeteria. “The buy e r , p r o c u r ed through creative and tradi- tional marketing, acquired 100 Corporate Drive and 200 Cor- porate Drive at a substantially reduced basis and well below replacement cost pricing,” said Jeffrey Oram , executive managing director at Colliers International. Oram and managing direc- tor Jacklene Chesler repre- sented the seller, Torchlight Investors, in the transaction. They also procured the buyer, a New Jersey-based private investor. Oram further highlighted that new ownership will im- mediately benefit from 100 Corporate Dr.’s in-place cash flow from its existing, quality
78 Corporate Center
area’s outstanding amenities, and close proximity to the adjacent Courtyard Hanover Lebanon, a Marriot hotel, and route 287.” n
ings are well-positioned in the Hunterdon County office market on Interstate 78, with tremendous visibility from the highway, easy access to the
tenants, the opportunity to lease the vacant space, and the ability to redevelop 200 Corporate Dr. Chesler said: “The two build-
The sale follows Waisbrod’s recent $10m sale of a 80,053 s/f eight-property portfolio The Kislak Co. arranges equity for acquisition of 200,000 s/f Parkway 120, a class “A” office building
cupancies in other parts of the state, there is strong demand for class ‘A’ office buildings that are well-located and well- performing. Parkway 120 is in an ideal location and is full of very strong credit tenants.” Constructed in 2001, Park- way 120 is situated at Garden State Parkway Exit 120 ap- proximately 10 miles south of the intersection of I-287 and the New Jersey Turnpike. The sleek glass and modern office building features high- speed fiber optic access, two HVAC units totaling 700 tons with a state-of-the art digital energy management system, 4,000 amp electrical service, a card-access security system, four 3,500-pound traction elevators, underground park- ing, and an on-site café and convenience store. The building is occupied by credit worthy international tenants such as Tata Commu-
OLD BRIDGE, NJ — The Kislak Company, Inc. fa- cilitated the acquisition of
Parkway 120, a five story class “A” of- fice building w i t h mo r e than 200,000 s/f located at 90 Old Ma- tawan Rd. in Old Bridge,
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5B SHI International signs full building lease for 305,721 s/f
Barry Waisbrod
Parkway 120
Middlesex County, by intro- ducing the lead equity inves- tor to the partnership that purchased the property. Vice president Barry Wais- brod represented two mem- bers of the partnership and each is a longtime Kislak client. “The sale represented an opportunity for the partner- ship to acquire one of the pre- mier office buildings in north central New Jersey,” said Waisbrod. “Despite lower oc-
nications, Broadcom Corpora- tion, Fragomen Del Ray, and iCIMS who together comprise over 80% of the leasable space. At the time of closing, the property’s occupancy was nearly 100%. Financing was provided by Cantor Fitzger- ald . Barry Waisbrod joined Kis- lak in 2001 and is consistently among its leading salespeople and was the recipient of the company 2013 Sima Kislak
Jelin Salesperson of the Year award, which is presented to the individual whose perfor- mance and professionalism during the past year demon- strated the highest standards of excellence. The sale of Parkway 120 follows Waisbrod’s recent sale in Highland Park and East Brunswick, also in Middlesex County, of an 80,053 square foot, eight-property mixed-use portfolio for $10,000,000. n
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