CBRE Group, Inc. announced that Jeffrey Dunne and Jeremy Neuer of CBRE Institutional Properties in collaboration with Patrick Arangio and Jack Howard of CBRE National Loan & Portfolio Sale Advisors and Nick Savage of CBRE’s Advisory & Transaction Services represented a special servicer in the sale of 4 Becker Farm Road, Roseland for $16,700,000.
4 Becker Farm Road is a 281,762± square-foot office building strategically situated within the 280 Corporate Center Business Park, just a half mile from the four-way cloverleaf interchange of I-280 (Exit 5) and Livingston Ave. The property enjoys immediate access to Northern New Jersey’s major commuter highways and nearby amenities and only 30 minutes from Manhattan. Currently 95% leased, 4 Becker Farm Road offers a strong credit rent roll with two of the most recognizable professional services companies in the country, KMPG (91,003 square feet) and CohnReznick (155,993 SF).
Mr. Dunne commented: “With the impending vacancy, 4 Becker is an excellent redevelopment opportunity for new ownership.”
The 4 Becker Farm Road sale follows on the heels of CBRE’s sale of 500 Plaza Drive in Secaucus, New Jersey to Manulife US REIT last week for $115,000,000.
CBRE Institutional Properties has a number of attractive investment opportunities including: Oak Hill Park a 122,400± square-foot value add office building in Wayne; 55 Charles Lindbergh, a 214,581± square-foot 100% leased office building in Uniondale, New York; 6800 and 6900 Jericho Turnpike, a 315,500± square-foot value add office property in Syosset, New York; 9 West Broad, a 188,000± square-foot multi-tenant, value add office property in downtown Stamford, Connecticut.Related Articles: