225 Old New Brunswick Road in Piscataway — Courtesy: Colliers International
By Joshua Burd
An investment firm has reaped nearly $4 million from the sale of a Piscataway office building, following a transaction arranged by brokers with Colliers International.
In a news release Thursday, Colliers said it represented Rafael Holdings Inc. in its disposition of 225 Old New Brunswick Road. An undisclosed buyer purchased the 65,253-square-foot office property, which is just off Interstate 287, for $3.875 million.
“We’re pleased that we were able to secure this sale despite the many challenges presented by COVID-19,” said Jacklene Chesler, an executive managing director with Colliers. “New Jersey as a market continues to show its resiliency and this transaction is yet another testament to our team’s commitment to delivering the best results for our clients. Our group at Colliers has now transacted more than one million square feet of office sales in Piscataway over the last four years.”
Chesler completed the assignment alongside Managing Director Matthew Brown and Associate Director Patrick Norris. The team on Thursday noted that the three-story building, completed in 1978, has historically been home to telecom tenants requiring heavy power needs and has robust data infrastructure in place.
The property is 28 percent occupied by two investment-grade tenants, Colliers said. Its location provides it with quick access to routes 18, 27, 1, 22, 202 and 78, along with the New Jersey Turnpike and the Garden State Parkway.
“We’re thankful to have worked with Jackie Chesler and relied on her team’s expertise to complete this transaction,” Rafael Holdings’ Elliot Hersch said. “Colliers was totally committed to helping us meet our corporate goals for this sale and we’re pleased with the outcome amid a rapidly-changing set of circumstances.”
