Centra at 186 Wood Ave. South in Iselin — Courtesy: Kohn Pedersen Fox Associates/Cushman & Wakefield
By Joshua Burd
An investment firm has added yet another high-end office building in the Metropark submarket, acquiring a 110,000-square-foot property from an affiliate of The Hampshire Cos.
Brokers with Cushman & Wakefield say the buyer, Opal Holdings LLC, paid an undisclosed price for the property known as Centra at 186 Wood Ave. South in the Iselin section of Woodbridge. The deal comes a decade after Hampshire stripped the building to its steel and reconstructed it with a new upscale design crafted by Kohn Pedersen Fox Associates, attracting tenants such as JPMorgan Chase, Mass Mutual Life Insurance and Grant Thornton.
C&W’s Andrew Merin, David Bernhaut, Gary Gabriel, Ryan Larkin, Kevin Carton and Todd Elfand represented Hampshire Management Co. in the transaction.
“We’re pleased to have found the right buyer for this exceptional investment opportunity,” Merin said. “Centra is a well-performing, trophy asset that is anchored by high-quality tenants and is strategically located in the area’s sought-after central business district, making it an outstanding investment for the new owners.”
The deal follows Opal’s acquisitions of several other office buildings in Metropark in recent years, including a 470,692-square-foot tower at 194 Wood Ave. South that it purchased in summer 2020. Last March, the New York-based firm added a 945,906-square-foot portfolio including 99 and 101 Wood Ave. South in Iselin and 333 and 343 Thornall St. in Edison.
The sellers in the transactions were AIG and Mack-Cali Realty Corp., respectively, with the deals equating to a combined $394 million in value.
Centra, for its part, is home to amenities such as a full-service cafeteria, fitness and conference centers and a full-time on-site concierge and security, C&W said. The property is 10 minutes from the busy Metropark train station, which provides direct access to New York Penn Station and Acela service from Boston to Washington D.C.
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