Colliers International has arranged the $5.8 million sale of two Class-A office buildings, also known as 100 Corporate Drive and 200 Corporate Drive, located at 78 Corporate Center in Lebanon.
The three-story buildings, totaling 185,866 square feet, feature a masonry brick veneer façade, insulated glass, and elevators. The 92,925-square-foot property at 100 Corporate Drive is currently 39 percent occupied and includes a recently renovated common area. The 92,941-square-foot asset, 200 Corporate Drive, is vacant and ideal for a single tenant, but its 30,000-square-foot floor plates can accommodate multi-tenanting. This property also includes a full service cafeteria.
“The buyer, procured through creative and traditional marketing, acquired 100 Corporate Drive and 200 Corporate Drive at a substantially reduced basis and well below replacement cost pricing,” said Jeffrey Oram, executive managing director at Colliers International.
Oram and Managing Director Jacklene Chesler represented the seller, Torchlight Investors, in the transaction. They also procured the buyer, a New Jersey-based private investor.
Oram further highlighted that new ownership will immediately benefit from 100 Corporate Drive’s in-place cash flow from its existing, quality tenants, the opportunity to lease the vacant space, and the ability to redevelop 200 Corporate Drive.
Chesler added: “The two buildings are well-positioned in the Hunterdon County office market on Interstate 78, with tremendous visibility from the highway, easy access to the area’s outstanding amenities, and close proximity to the adjacent Courtyard Hanover Lebanon, a Marriot hotel, and route 287.”Related Articles: