Cushman & Wakefield has arranged the sale of a Class A office tower in Iselin, it announced Thursday.
The 271,988-square-foot property, located at 99 Wood Ave. South, was purchased by a private real estate equity firm.
The property offers high-end amenities, Cushman & Wakefield said, including a new cafeteria, fitness center, 24/7 security and a three-story parking deck. It is within walking distance of Metropark Station’s Amtrak and NJ Transit rail lines, bus service and more.
Cushman & Wakefield’s capital markets team of Andrew Merin, Gary Gabriel, David Bernhaut, Kyle Schmidt and Kubby Tischler handled the assignment.
“99 Wood Avenue South’s Metropark location, directly off Exit 131A of the Garden State Parkway, just north of its intersection with the New Jersey Turnpike, enhances its appeal for both tenants and investors alike,” Merin said. “The property is the definition of a core, transit-oriented, office offering, with market leading quality, visibility, amenity package, and tenant roster.”
These attributes, Merin said, have made the property consistently have a high level of occupancy.
“Corporate tenants appreciate being on a main commuter line with access to New York City in under an hour, in addition to being serviced by Amtrak’s Northeast Corridor rail line. Investors continue to pursue best-in-class buildings in core markets, and the significant interest we saw for this offering attests to Metropark’s strength in that regard,” he said.
At the time of sale, 99 Wood Ave. South was 84 percent leased.
