SJP Properties Pays $25M for New Jersey Office Building
- Feb 14, 2020
SJP Properties has acquired 200 Wood Ave. South, a 270,000-square-foot premier office building in Woodbridge, N.J. Yardi Matrix identified the seller as AIG Global Real Estate. The $25 million sale was funded by a $45.3 million acquisition and development loan provided by Wells Fargo Bank.
The new owner plans to reposition the building to maximize its value. The renovations will include new building systems, state-of-the-art fitness center, improved conferencing facilities and dining center, collaborative indoor and outdoor areas, as well as reimagined landscaping and hardscaping.
The asset sits on 12 acres, within walking distance of Metropark Train Station. Lincoln Highway, Middlesex Turnpike and the Garden State Parkway are also directly accessible, alongside a wide array of amenities such as accommodation options and retailers.
SJP Properties appointed CBRE’s Jon Meisel and Wes Moore to oversee leasing at the property. Earlier this year, the brokerage company negotiated a lease on behalf of the landlord in Manhattan.