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Piscataway Office Trades in Partial Sale-Leaseback
Colliers International has arranged the partial sale-leaseback of 1 Corporate Place South, a multi-tenant office asset in Piscataway, NJ. A private NJ based investor bought the 88,780-square-foot office asset in the I-287 Corridor submarket for $10 million from Princeton Equities LLC.
The Colliers team of Jacklene Chesler, Patrick Norris, Matthew Brown and Angelo Vitale executed over 70 confidentiality agreements on the property, which drew more than a dozen written offers and multiple bid rounds. Built in 1981 with upgrades in 1997 and 2009, 1 Corporate Place South is currently 100% occupied.
“The I-287 corridor office submarket is recognized as one of the most improved office submarkets in the state due to the tightening availability rate, inflation of rents and the ongoing repurposing of office buildings for alternative uses in Piscataway,” said Chesler. She added that vacancies in the submarket have tightened by 170 basis points over the past four quarters.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
