Lee & Associates New Jersey negotiated the $4.4 million sale of Forsgate Commons, a 26,295-square-foot office building in Jamesburg. The commercial real estate firm’s Beth Chezmar represented the seller in the transaction.
“The buyer, a not-for-profit organization, was initially attracted to the property’s Central Jersey location, the building size and its stately construction,” Chezmar said.
Dan De Palma of North American Realty, who represented the buyer, added: “The ample parking capacity and ability to occupy a portion of the building on closing were major factors in my client’s decision to move forward with the acquisition.”
Forsgate Commons was originally constructed in 1930 as Jamesburg High School and renovated for multitenant office use in the 1980s. Situated on 3.3 acres, the two-story, Art Deco building features a park-like setting with easy access to the New Jersey Turnpike, Route 130 and other regional thoroughfares. Its tenants include many long-term occupiers in a range of industries.
According to Chezmar, Forsgate Commons’ healthy historic performance speaks to the desirability of the Greater Brunswick office market. With an inventory of nearly 670 buildings totaling 8.6 million square feet, this northern New Jersey submarket maintains a vacancy rate well below regional averages, with rents hovering around all-time highs.