Colliers helps sell 32,000 sq. ft. Morris County office building for $4.2M

A 32,000 square-foot property in Chester was purchased by a private New Jersey-based investor for $4.2 million, according to a Wednesday announcement from Colliers.

A Colliers team comprised of Vice Chair Jacklene Chesler and Director Patrick Norris marketed the property and completed the transaction on behalf of the seller.

Located at 2 & 4 Mill Ridge Lane, the three-story, elevatored boutique office building was originally constructed in 2006 and has been maintained impeccably. The building features flexible floor plates, a conference center, gym and an outdoor patio area, and is situated on 3.23 acres with over 130 parking spaces. Colliers structured a partial sale-leaseback.

Colliers received several bids for the property and closed the sale through an auction on Ten-X, an online commercial real estate auction platform. The Chesler-led team has a strong history of executing the marketing process for complex transactions, ranging from distressed, value-add to core plus, and for private clients, lenders and special servicers.

“We continue to have strong results in this changing market. We received a high volume of bidders during the marketing process,” Chelser said. “Year-to-date, we have successfully closed or have under contract 29 deals that were handled through an online auction process. We have wrapped up well over 80 properties via auction over the last few years.”

The property is conveniently located within walking distance of the historic downtown area of Chester, which features brick-lined streets, richly preserved historic buildings and over 80 boutique shops and eateries. Chester is a quintessential shopping and dining destination and is part of Morris County, which is one of the wealthiest counties in the U.S.