M id A tlantic Real Estate Journal — New Jersey — December 18 - January 14, 2020 — 7B N ew J ersey
www.marej.com
Zweben, Isdaner and Richman coordinate Mount Laurel sale on behalf of Bloom Chesler, Brown & Norris of Colliers complete sale of 65,000 s/f Piscataway office building
ISCATAWAY, NJ — Colliers Interna- tional Group Inc. , announces the firm has ar- ranged the sale of 225 Old New Brunswick Rd., a 65,253 s/f office property in Piscat- away. A team led by executive managing director Jacklene Chesler , managing director MatthewBrown and associ- ate director Patrick Norris , was able to complete the deal on behalf of the seller Rafael Holdings Inc. for $3.875 mil- lion. Built in 1978, the three- story building has historically been home to telecom tenants requiring heavy power needs. The property features robust data infrastructure in place and is currently 28% occupied by two investment grade ten- ants. “We're pleased that we were able to secure this sale de- spite the many challenges presented by COVID-19,” said Chesler. “New Jersey as a market continues to show its resiliency and this transac- tion is yet another testament to our team’s commitment to delivering the best results for our clients. Our group at Col- liers has now transacted more than one million square feet of office sales in Piscataway over the last four years.” “We’re thankful to have worked with Jackie Chesler and relied on her team’s ex- pertise to complete this trans- action,” said Elliot Hersch on behalf of Rafael Holdings Inc. “Colliers was totally commit- ted to helping us meet our cor- porate goals for this sale and we’re pleased with the out- come amid a rapidly-changing set of circumstances.” 225 Old New Brunswick Rd. is located along the I-287 Corridor office submarket has been recognized in recent years as one of the most im- proved office submarkets in New Jersey due to its strong fundamentals and continued industrial demand. The build- ing is strategically located midway between New York and Philadelphia and in close proximity to major roadways including I-287 and Rtes. 18, 27, 1, 22, 202 and 78. It is also easily accessible via the New Jersey Tpke. and the Garden State Pkwy. Led by Chesler, the Colliers team has been incredibly suc- cessful in closing transactions in Piscataway over the past P
purchaser is an affiliate of Needleman Management Company . Senior Colliers brokers Evan Zweben, Marc Is- daner, and Ian Richman coordinated the sale on behalf of Bloom, who will vacate their former headquarters for the first time since construc- tion. “To me, having a strong, local investment group with a proven track record purchase a stabilized office asset in the midst of the ongoing pandem- ic should provide everyone with a sense of stability”, said Zweben. MAREJ
“Bloom Court” is a 43,000 s/f, class A mid-rise office build- ing located at 1300 Rte. 73. It is tenanted by Core Title, The Law Offices of Dembo, Brown and Burns, and start- ing next month, Control Point Associates, among others. The Bloom Court in Mount Laurel
225 Old New Brunswick Rd., Piscataway
several years and will soon bring to market another Class A building later this month. MOUNT LAUREL, NJ — Colliers International’s
Mount Laurel office repre- sented The Bloom Organi - zation in the sale of its for- mer headquarters. The prop- erty known in the market as
P o s k a n z e r S k o t t A r c h i t e c t s 550 North Maple Avenue, Ridgewood, NJ 07450 201.445.2322 www.poskanzerskott.com
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