CBRE announced the $4.35 million sale of an 18,144-square-foot office property located at 104 Bayard Street in New Brunswick. Situated in the rapidly growing downtown area of the city, the six-story property was developed in 2016 by Bayard Street Associates, LLC. It is fully leased by Soba College Recovery, Rutgers Nursing and New Jersey Public Interest Group. At over $240 per square foot, the sale price is one rarely seen in the New Jersey office market.
The CBRE Tri-State Investment Properties team of Charles Berger, Elli Klapper and Mark Silverman, along with A&T Services’ Peter Shikar and Alec Monaghan, represented Bayard Street Associates in the sale and procured the buyer.
“Despite volatile market conditions, our team was able to work collectively with both the seller and the 1031 exchange buyer to close on the sale with minimal delay and with no concessions, achieving premium pricing on a price per square foot basis rarely seen in the city of New Brunswick during the current market cycle,” said Berger, senior vice President, CBRE.
“In an area that will see continued improvement in the coming years, this is a stable investment for the buyer in a relatively new building with an attractive income stream,” added Silverman.
Located within one of the most highly coveted corridors in Central New Jersey, 104 Bayard Street is within walking distance to an array of restaurants, shopping destinations and business services, and is just blocks from the New Brunswick Train Station, providing direct access into Manhattan in less than 40 minutes. The building is easily accessed via Route 27, Route 1 and Route 18. The property is also within 30 minutes driving distance of Newark Liberty International Airport.
104 Bayard Street was ideally retrofitted since its inception to suit an array of medical professional needs and currently serves both Soba College Recovery and Rutgers Nursing. Among the many amenities available at the property include a rooftop patio, high ceilings and windows offering abundant natural light, a new lobby/common area and high-speed elevators.
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