CBRE announced on Tuesday the $4.35 million sale of an office property located at 104 Bayard St. in New Brunswick.
The six-story, 18,114-square-foot property sits in the heart of the city’s downtown area and was developed in 2016 by Bayard Street Associates LLC. It is currently leased by Soba College Recovery, Rutgers Nursing and New Jersey Public Interest Group.
The property’s $240 per-square-foot sale price is one rarely seen in the state’s office market, CBRE said.
CBRE’s Tri-State Investment Properties team of Charles Berger, Elli Klapper and Mark Silverman, along with A&T Services’ Peter Shikar and Alec Monaghan, represented Bayard Street Associates in the deal and also procured the buyer.
“Despite volatile market conditions, our team was able to work collectively with both the seller and the 1031 exchange buyer to close on the sale with minimal delay and with no concessions, achieving premium pricing on a price per square foot basis rarely seen in the city of New Brunswick during the current market cycle,” Berger, senior vice president, CBRE, said.
“In an area that will see continued improvement in the coming years, this is a stable investment for the buyer in a relatively new building with an attractive income stream,” Silverman said.
The building is within walking distance to restaurants, shopping and business services, and is blocks from the New Brunswick Train Station. It is also located within close access to routes 27, 1 and 18. Some amenities at the property include a rooftop patio, high ceilings, a new lobby and common area, and high-speed elevators.