The buyer and seller declined to disclose the sale price. However, GlobeSt.com has learned from industry sources that did not want to be identified that the asset traded for $16.1 million.

That sale price covers much more than just the existing building, which is currently fully occupied on a long-term basis by Hewlett-Packard and Ortho Biotech. Also part of the package for the property at 3040 Route 22 West in this Somerset County community is an adjacent 32-acre piece of vacant land that has all of the necessary approvals in place for another 290,000 sf of office space. The approved site plan calls for two more buildings of 145,000 sf each to build out the Branchburg Centre campus.

"This build-to-suit opportunity represents one of the few 'ready-to-go' alternatives in the state of New Jersey, Bob Martie, senior vice president and regional managing director for Advance Realty tells GlobeSt.com, confirming the acquisition. Martie and vice president/regional acquisition officer Eric Becher were the in-house reps for the buyer, while Matrix and AEW were represented by Cushman & Wakefield.

"This acquisition reflects our strategy of building our New Jersey portfolio with value-added opportunities in both suburban and urban locations," Martie says. "Besides providing excellent future development potential, Branchburg Centre is located in close proximity to several of our other developments in the Somerset County region."

Advance now has a portfolio of five million sf of operating properties and a development portfolio consisting of eight million sf of commercial projects and 9,400 residential units. Much of the company's holdings are in the Garden State, but Advance also owns properties and has regional offices in the metro Washington, DC and Boston markets.

Instant Insights /

GlobeSt.com EXCLUSIVE: Advance Realty Buys 89,000-SF Office Building

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