Colony Business Park at 1-11 Jocama Blvd. in Old Bridge — Courtesy: Cushman & Wakefield
By Joshua Burd
A private equity firm has sold a nearly 80,000-square-foot flex campus in Old Bridge, in a transaction arranged by Cushman & Wakefield.
In a news release, the brokerage team said it represented Red Bank-based First National Realty Partners in its disposition of Colony Business Park at 1-11 Jocama Blvd. An undisclosed buyer purchased the nine-building property, which comprises 79,075 square feet across 10.24 acres.
“Flex product in New Jersey has always done extremely well and Colony Business Park is no exception,” C&W’s Frank DiTommaso said. “We saw significant interest in this property because of its low historical vacancy and robust market fundamentals. The property was delivered 95 percent leased with several new and renewal leases executed between contract award and time of closing, further demonstrating the strength of the market for this type of inventory.”
DiTommaso completed the transaction alongside David Bernhaut and Max Helfman, noting that buildings at Colony Business Park range from 5,200 to 17,200 square feet. The property is just east of Route 9 and about a half-mile from Route 18.
