Unidentified buyer pays almost $20M for pair of New Jersey buildings

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An unidentified buyer bought two buildings in Hamilton, New Jersey, from an unidentified seller for $19.5 million, NJBIZ reported. The buildings at 5 and 8 Commerce Way span a total of 120,000 square feet and sit on more than 12 acres of land near Princeton, not far from Interstate 295 and the New Jersey Turnpike. Both of the properties are “modern, functional and flexible, and situated in a prime distribution/logistics area,” the outlet reported. A team from Colliers International’s New Jersey office led by executive managing director Jacklene Chesler, managing director Matthew Brown and senior financial analyst Frank Summers represented both parties involved in the transaction. The buildings themselves are suitable for industrial and office use. NJBIZ also reported this week that a Chesler-led Colliers team arranged the $11.5 million sale of Washington Plaza, a nearly 200,000-square-foot office building at 1551 South Washington Avenue in Piscataway. Neither the buyer nor the seller on that deal were disclosed. Property records show the building last traded for $9.5 million in 2013. [NJBIZ]