3 Becker Farm Road, Rosedale, NJ
ROSELAND, NJ—Westwood Properties has acquired 3 Becker Farm Road in Roseland, NJ from Normandy Real Estate Partners for $17.2 million, or $150 per square foot.
Newmark Knight Frank executive managing director Kevin Welsh, managing director Brian Schulz and associate Chuck Kohaut of NKF's Tri-State Capital Markets team led the transaction.
Westwood Properties is an international real estate fund making its first acquisition in the United States. Westwood defeased the existing CMBS mortgage at closing.
3 Becker Farm is a 115,422-square-foot class A office building that is 97-percent-leased to a diverse base of mid-sized corporate headquarters tenants offering stable, long-term, in-place income. The property was recently renovated with $2 million in capital improvements, driving long-term commitments by anchor tenants Mandelbaum Salsburg and Tompkins McGuire. Situated at the four-way cloverleaf interchange of I-280 and Livingston Avenue, 3 Becker Farm offers convenient regional access and an emerging mixed-use environment within walking distance.
“The property's durable cash flow and attractive yield were a highly compelling investment proposition for the buyer's first US acquisition,” says Welsh. “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.”
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