A Class A office complex in Iselin has sold for $88 million, according to real estate investment firm KBS.
KBS said in a news release that it sold Woodbridge Corporate Plaza, which includes six buildings totaling 629,189 square feet, to New York-based Northeast Capital Group. Real estate services firm Newmark handled the sale on behalf of KBS.
“The New Jersey office market is home to a diverse roster of Fortune 500 companies and tenants who are drawn to a highly accessible, regional location,” Marc DeLuca, KBS’ Eastern regional president, said in a prepared statement. “Woodbridge Corporate Plaza is defined by its proximity to the intersections of (Interstates) 95, 278 and Route 1, with exceptional mass transit connectivity via Amtrak, New Jersey Transit and the Metropark station.”
For Newmark, Kevin Welsh, Brian Schulz, Jason Emrani and Maria Betancourt, along with Jamie Drummond, served as exclusive advisers and representatives for the sale.
“Woodbridge Corporate Plaza has seen close to a half-million square feet of leasing velocity since January 2017,” Welsh said in a statement. “The property is 90% leased to a diverse base of 64 tenants with investment-grade anchors, providing stable cash flow and staggered rollover. Moreover, this asset offers Northeast Capital Group a secure income stream with strong cash-on-cash returns at an attractive basis. The property’s dynamic location and market-leading leasing velocity make it a rare investment opportunity in the area.”
The property is located at 485 U.S. 1, and was originally purchased by KBS in 2005. Since then, it has undergone a multimillion-dollar renovation project, and includes amenities such as a fitness center and café and caterer.
Greenberg Traurig LLP represented KBS as legal counsel on the deal.