A six-story, 112,705-square-foot office building in Woodbridge, called “900 on Nine,” recently sold for $11.17 million, according to an announcement from Colliers, which facilitated the sale.
A Colliers team led by Vice Chair Jacklene Chesler, Vice President Patrick Norris, Director Philippe Jomphe and Director Matthew Cohen brokered the deal on behalf of the seller, TFE Properties.
The Colliers team marketed the property in conjunction with Ten-X, an online transaction platform for commercial real estate, also leveraging Colliers’ proprietary investor database. This hybrid approach resulted in 152 executed confidentiality agreements, 14 property tours and seven registered bidders. Ultimately, the winning bidder who purchased the asset was a private investor from New York.
Located along a prominent stretch of Route 9 North, the building boasts an attractive dark glass exterior and impressive visibility amid the highly trafficked corridor. The building also features highly efficient floor plates of over 19,000 square feet to effectively accommodate tenants of any size.
At time of sale, the property was roughly 54% occupied, with a diverse corporate roster that includes NIP Group, Onyx Equities and Toshiba.
“Despite the headwinds with suburban office, well-located, quality office assets continue to draw strong interest from both investors and users. 900 on Nine benefits from its close proximity to major arterial roadways, Metropark and strong talent pool,” Chesler said.
Just 35 minutes from Manhattan, the property is conveniently located near major roads and highways, including the New Jersey Turnpike, Garden State Parkway and Interstate 287 intersection. The property also has nearly 500 on-site parking spots and access to public transportation, serving as an ideal office location and an attractive destination for investors seeking strategic growth opportunities.
