New Jersey office park sells for $88M
Six-building complex is 90% leased
A six-building office complex in Iselin, New Jersey, has changed hands for $88 million.
KBS, a California-headquartered commercial real estate investor and operator, sold the property to Northeast Capital Group in Ramapo, New York, according to Newmark.
Northeast Capital, led by CEO Joel Kiss, did not immediately return a request for comment.
The 629,000-square-foot Woodbridge Corporate Plaza, at 485 U.S. Route 1, is 90 percent leased to 64 tenants, according to Kevin Welsh of Newmark, who, along with Brian Schultz, led a team of brokers representing the seller.
KBS purchased the property in 2005 and spent millions of dollars on renovations, including new corridors, restrooms, flooring, lighting, entrance doors and signage for tenants.
Marc DeLuca, a regional president for KBS, said the office complex has proximity to the intersections of I-95, I-278 and Route 1 and convenient access to Amtrak and New Jersey Transit.
The office sector faces an uncertain future, with many office workers still working from home. The Garden State’s office availability rate in the first quarter was 21.6 percent, up 4 percentage points from the same time last year, according to a report from Avison Young New Jersey.
Yet several major office transactions have been reported lately, including Mack-Cali Realty’s $255 million sale of a Short Hills, New Jersey, office complex to the Birch Group in April. The New Jersey-based real estate investment trust also sold its four-building Metropark complex in Edison and Iselin, New Jersey, to Opal Holdings, a New York City REIT, for $254 million.