Princeton Equities LLC has sold a multitenant office property in Piscataway for $10 million as part of a partial sale-leaseback deal, according to Colliers International NJ LLC.
The deal for 1 Corporate Place South involved a private New Jersey-based investor purchasing the office, which offers 88,780 rentable square feet on 5.5 acres, Colliers said in a news release. The property, in the Corporate Park 287 office park, is 100 percent occupied by four tenants, including anchor Marlabs.
Colliers’ Parsippany-based team of Jacklene Chelser, Patrick Norris, Matthew Brown and Angelo Vitale headed up the assignment.
“The (Interstate) 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,” Chesler said in a prepared statement. “The submarket has experienced approximately 170 basis points of tightening in the vacancy rate, along with a direct average asking rental rate growth of 3.4 percent over the last four quarters.”
The property, built in 1981, was upgraded in 1997 and again in 2009.
“It is noteworthy that Piscataway is now deemed to be the next biggest industrial hub in New Jersey,” Chesler said. “The demand for industrial space has spurred large industrial developments in Piscataway and the demoltion/repurpose of obsolete and vacant office product. There are currently five industrial projects under construction in Piscataway, totaling 1.9 million square feet, with 69 percent of it already being preleased.”