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Normandy Office Asset in Roseland Trades to Overseas Buyer
An NKF team has negotiated the sale of Normandy Real Estate Partners’ 3 Becker Farm Rd. in Roseland, NJ for $17.2 million, or $150 per square foot. The buyer, Westwood Properties, is an international real estate fund making its first buy in this country.
NKF’s Kevin Welsh, Brian Schulz and Chuck Kohaut led the transaction on the 115,422-square-foot Class A office building, which is 97% leased to a diverse base of mid-sized corporate headquarters tenants. It was recently renovated with $2 million in capital improvements, driving long-term commitments by anchor tenants Mandelbaum Salsburg and Tompkins McGuire.
“The property’s durable cash flow and attractive yield were a highly-compelling investment proposition for the buyer’s first U.S. acquisition,” said Welsh. Westwood, which defeased the existing CMBS mortgage at closing, is “well positioned to benefit long-term from the area’s continued transformation into a dynamic live-work-play-stay setting.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
