3 Becker Farm Road in Roseland — Courtesy: Newmark Knight Frank
By Joshua Burd
An international real estate fund has made its first investment in the U.S., acquiring a Roseland office building from Normandy Real Estate Partners, in a $17.2 million deal arranged by Newmark Knight Frank.
The NKF capital markets team said Monday that it represented Normandy in the sale of 3 Becker Farm Road, a 115,422-square-foot complex off Interstate 280. Westwood Properties purchased the 97 percent leased property, defeasing the existing CMBS mortgage at closing.
NKF Executive Managing Director Kevin Welsh, Managing Director Brian Schulz and Associate Chuck Kohaut led the transaction for the firm’s tristate capital markets team. They cited recent upgrades at the property and in-place, long-term leases to several midsized corporate headquarters tenants, contributing to the $150 per-square-foot sale price.
“The property’s durable cash flow and attractive yield were a highly compelling investment proposition for the buyer’s first U.S. acquisition,” Welsh said. “The investor is well-positioned to benefit long-term from the area’s continued transformation into a dynamic live-work-play-stay setting.
“We are pleased that we were able to execute this complex transaction, achieve record pricing in Roseland, and maximize sale proceeds on behalf of Normandy.”
Located at a four-way interchange off I-280 and Livingston Avenue, 3 Becker Farm is anchored by law firms Mandelbaum Salsburg and Tompkins, McGuire, Wachenfeld & Barry LLP. The building has benefited from $2 million in recent upgrades, driving the long-term commitments by the anchor tenants.