Real estate owner completes divestiture of portfolio, NAI Fennelly says

A company has concluded the divestiture of a six-building real estate portfolio with the $1.775 million sale of a flex/industrial building in South Brunswick, according to real estate firm NAI Fennelly.

The firm said in a news release that ST Peterson sold the 16,000-square-foot building at 4262 U.S. Route 1 to a private buyer. That completes ST Peterson’s sell-off of a six-building, 160,000-square-foot portfolio of office, flex/industrial and technology properties in Central Jersey, NAI Fennelly said.

NAI Fennelly served as the exclusive leasing team for the portfolio before managing the disposition.

“Although the current market conditions definitely provide an advantageous situation for sellers, the competition and complexity seen in today’s real estate industry make it critical to work with an experienced commercial real estate professional to ensure fair market value for properties,” Jerry Fennelly, president of NAI Fennelly, said in a prepared statement. “While each of these properties differed greatly, our time-tested yet innovative approach to marketing and hands-on transaction management services ensured that ST Peterson was able to accomplish its goals for their portfolio in an efficient manner while realizing substantial value from the sale.”