2 and 4 Mill Ridge Lane in Chester — Courtesy: Colliers
By Tina Traster
A private New Jersey-based investor has purchased a 32,000-square-foot office building in Chester for $4.2 million, brokers with Colliers announced Wednesday.
According to the investment sales team, which structured the deal as a partial sale-leaseback, the property at 2 and 4 Mill Ridge Lane is a three-story elevator building constructed in 2006. The asset has flexible floor plates, a conference center, a gym and an outdoor patio area, while it sits on 3.23 acres with more than 130 parking spaces.
Colliers Vice Chair Jacklene Chesler and Director Patrick Norris marketed the property and completed the transaction on the seller’s behalf. They noted that the property is located within walking distance of the borough’s downtown, with its brick-lined streets, richly preserved historic buildings and more than 80 boutique shops and eateries.
“We continue to have strong results in this changing market,” Chesler said. “We received a high volume of bidders during the marketing process. Year-to-date we have successfully closed or have under contract 29 deals that were handled through an online auction process. We have wrapped up well over 80 properties via auction over the last few years.”
Tina Traster is a freelance writer and the editor of Rockland County Business Journal. She is also a former business writer for Crain’s New York Business, real estate writer for the New York Post and staffer at the Bergen Record.
