104 Bayard St. in New Brunswick — Courtesy: CBRE
By Joshua Burd
The developer of a boutique office building in downtown New Brunswick has sold the property for $4.35 million, under a newly announced transaction by CBRE.
The real estate services firm represented the seller, Bayard Street Associates LLC, in its disposition of 104 Bayard St. Developed in 2016, the six-story, 18,144-square-foot building is fully leased to Soba College Recovery, Rutgers Nursing and New Jersey Public Interest Group.
The CBRE tristate investment properties team of Charles Berger, Elli Klapper and Mark Silverman, along with A&T Services’ Peter Shikar and Alec Monaghan, marketed the property and procured the undisclosed buyer. They touted the building’s sale price of more than $240 per square feet, an above-average figure for the New Jersey office market.
“Despite volatile market conditions, our team was able to work collectively with both the seller and the 1031 exchange buyer to close on the sale with minimal delay and with no concessions, achieving premium pricing on a price per square foot basis rarely seen in the city of New Brunswick during the current market cycle,” said Berger, a senior vice president with CBRE.
In a news release, CBRE cited the building’s location within walking distance of restaurants, shopping destinations and business services and blocks from the New Brunswick train station. The property also provides easy access to routes 27, 1 and 18.
“In an area that will see continued improvement in the coming years, this is a stable investment for the buyer in a relatively new building with an attractive income stream,” Silverman said.
Features at 104 Bayard include a rooftop patio, high ceilings, a new lobby and common area and high-speed elevators.