Colliers International Group Inc. announced Wednesday it has arranged the sale of a multitenant office property in Piscataway.
The property, located at 371 Hoes Lane, is currently 27 percent occupied, Colliers said.
Brandon Rolnick, a private investor, purchased the 138,629-square-foot asset for an undisclosed amount.
Jacklene Chesler, Patrick Norris, Matthew Brown and Angelo Vitale of Colliers represented the seller and procured the buyer.
“The I-287 office submarket is now recognized as the most improved office submarket in New Jersey,” Chesler said. “During the past two years, the vacancy rate has tightened by more than 690 basis points, from 18.5 percent in Q1 2016 to 11.6 percent in Q2 2018. Meanwhile, rental rates over this period have increased more than $1 per square-foot. As the vacancy rate trend continues, the submarket and 371 Hoes Lane are poised for rental rate increases going forward.”
“Piscataway is now the next biggest industrial hub in New Jersey,” Chesler said. “The demand for industrial space has spurred large industrial developments there and the demolition/repurpose of obsolete and vacant office product.”
Rolnick, the new owner, has hired Marner Architecture and Haas Construction to renovate the building. The capital improvement plan will include lobby and common area renovation.
Richard J. Madison and Jack Callahan of Colliers will maintain leasing at the property.
