Colony Business Park, a nine-building flex park in Old Bridge, has been sold, according to a Friday announcement from Cushman & Wakefield, which brokered the sale.
C&W’s Frank DiTommaso, David Bernhaut and Max Helfman represented the seller, Red Bank-based First National Realty Partners, and procured the buyer in the transaction.
“Flex product in New Jersey has always done extremely well, and Colony Business Park is no exception,” DiTommaso said. “We saw significant interest in this property because of its low historical vacancy and robust market fundamentals. The property was delivered 95% leased with several new and renewal leases executed between contract award and time of closing, further demonstrating the strength of the market for this type of inventory.”
Colony Business Park is a 79,075-square-foot flex park situated on 10.24 acres. Buildings in the park range from 5,200 square feet to 17,200 square feet.
The business park is in proximity to Routes 9 and 18, with Newark Liberty International Airport and the Port of New York and New Jersey located within a 30-minute drive.