25 Vreeland Road in Florham Park — Courtesy: Colliers International
By Joshua Burd
A joint venture has reaped more than $30 million from the sale of a two-building, 230,000-square-foot office complex in Florham Park, brokers with Colliers International said.
The real estate services firm represented the sellers, Bergman Real Estate Group and Rialto Capital Management LLC, in marketing the properties at 25 Vreeland Road. Colliers also represented the buyer, ACG, which acquired the complex for $31.1 million.
The deal follows a $2.2 million overhaul at the property, which brought a host of new amenities and helped drive new leasing in recent years. Those features include a renovated atrium lobby area, central courtyard with landscaped grounds, full-service café, conference center, fitness and game center and a free app-based bike sharing program.
The complex’s twin, three-story buildings are 88 percent occupied by 30 tenants.
“There was a high level of demand and offers received for this asset,” said Jacklene Chesler, an executive managing director with Colliers. “This triggered a few bidding rounds with a number of the top investor groups offering impressive and meaningful deal terms.”
Prior to bringing the property to market, a Colliers leasing team of Executive Managing Director Richard Madison and Associate Director Jack Callahan worked with Bergman to secure several leases, including two leases with Atlantic Health System. A Colliers investments sales team of Chesler, Managing Director Matthew Brown and Senior Financial Analyst Frank Summers then led the effort to market the property to would-be buyers.
“We are very thankful for the Colliers team’s efforts over the past three years,” said Michael Bergman, CEO of Bergman Real Estate Group. “The commitment and success of the leasing team, highlighted by the recent Atlantic Health deal, helped ensure occupancy stability and resulted in an outcome that was perfectly in line with our business goals.
“The results of the sale and the tight marketing process exceed our expectations on the sale of this asset.”
Sitting on 16 acres, Florham Park Corporate Center provides 800 surface parking spaces. Tenants benefit from a location 30 minutes from Newark Liberty International Airport and with easy access to routes 10 and 24 and interstates 78, 280 and 287.