CBRE arranges $16M sale of office building in Roseland as N.Y. firm enters N.J. market

CBRE said it represented Northlight Capital Partners and Accordia Realty in the $16 million sale of 5 Becker Farm Road in Roseland.

The Institutional Properties team of Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale was also responsible for procuring the buyer, Aresco Management, a New York-based investment firm making its first New Jersey acquisition.

The property is a 91% leased, Class A office building totaling 121,667 square feet and occupied by a diverse tenant base from industries such as cybersecurity, legal and financial services.

A CBRE vice chairman, Dunne commented, “Northlight and Accordia have done a tremendous job in maintaining a high-quality asset, evidenced by the recent securing of over 50,000 square feet of new long-term leases and extensions as a result.”

“We pride ourselves on bringing new capital to the market. The Aresco team identified this as their first acquisition outside of Long Island and were very diligent in getting this deal across the finish line. I expect them to continue to grow in New Jersey in the future,” added Neuer, an executive vice president at CBRE.