8B — October 16 - 29, 2020 — New Jersey — M id A tlantic Real Estate Journal


N ew J ersey

225 Old New Brunswick Road represents a unique value-add investment opportunity Chesler, Brown&Norris of Colliers International completes sale of 65,000 s/f New Jersey office P

ISCATAWAY, NJ — Colliers International Group Inc., announced the firm has arranged the sale of 225 Old NewBrunswick Rd., a 65,253 s/f office property in Piscataway. A team led by executive managing director Jacklene Chesler , manag- ing director Matthew Brown and associate director Patrick Norris , was able to complete the deal on behalf of the seller Rafael Holdings Inc. for $3.875 million. Built in 1978, the three- story building has historically been home to telecom tenants requiring heavy power needs.

Jacklene Chesler

Matthew Brown

Patrick Norris

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 despite the many challenges presented

by COVID-19,” said Chesler. “New Jersey as a market con- tinues to show its resiliency and this transaction is yet an- other testament to our team’s commitment to delivering the best results for our clients. Our group at Colliers has now

225 Old New Brunswick Rd.,

transacted more than one mil- lion s/f of office sales in Piscat- away over the last four years.” 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 improved of- fice submarkets in New Jersey due to its strong fundamentals and continued industrial de- mand. The building is strategi- cally located midway between New York and Philadelphia and in close proximity to major roadways including Interstate 287 and Routes 18, 27, 1, 22, 202 and 78. It is also easily accessible via the New Jersey Turnpike and the Garden State Parkway. MAREJ Bussel Realty Corp. sells 8,000 s/f industrial property 737 East Elizabeth Ave. LINDEN, NJ — Bussel Re- alty Corp. (BRC) announced it sold 737 East Elizabeth Ave., Linden, an 8,000 s/f industrial property, for $1.04 million. Herb Zimmerman , senior vice president, and Jeffrey Goldfinger , vice president, of BRC, represented the seller, Randar LLC, in the trans- action. The buyer, Pollak Flavor, Inc., was represented in-house. “We are delighted to have worked with both buyer and seller on this prime invest- ment opportunity in the red- hot Linden industrial market,” noted Goldfinger. “The com- pany purchased the property to reach customers in the tri- state region.” 737 East Linden Ave. is an 8,000 s/f free standing indus- trial property located near Routes 1-9, I-278, the New Jer- sey Tpke. and Goethals Bridge to Staten Island, NY. MAREJ

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

Made with FlippingBook - Online catalogs