NJ Office Asset Sells in $17M Deal
- Jul 31, 2017
CBRE has brokered the $16.7 million sale of a 281,762-square-foot office building located within the 280 Corporate Center Business Park in Roseland, N.J. Special servicer CWCapital Asset Management acted on behalf of the seller, U.S. Bank, to dispose of the property.
Located at 4 Becker Farm Road, the four-story asset was completed in 1984 and underwent cosmetic renovations in 2005, Yardi Matrix data shows. The building sits on a 21.4-acre lot and features a full-height atrium and 1,014 parking spaces. Additionally, it offers easy access to major roads such as interstates 80 and 280 and Route 46, providing tenants with public transportation service to Newark and New York City. The property is a 30-minute ride from New York City and a 20-minute ride from the Newark Liberty International Airport.
Strong tenant roster
The property is 95 percent occupied by CohnReznick, which takes up 155,993 square feet of space and KMPG, with 91,003 square feet.
“With the impending vacancy, 4 Becker is an excellent redevelopment opportunity for new ownership,” Dunne said in a prepared statement.
CBRE Institutional Properties Vice President Jeffrey Dunne and Senior Vice President Jeremy Neuer, together with CBRE National Loan & Portfolio Sale Advisors Vice Chairman Patrick Arangio and Executive Vice President Jack Howard, as well as CBRE Advisory & Transaction Services First Vice President Nick Savage, acted on behalf of the seller.
U.S. Bank acquired the property in December 2016 through foreclosure from Mack-Cali Realty Corp., which recently acquired a 1.1 million-square-foot portfolio in the area.
Image courtesy of Mac-Cali Realty Corp.