Florham Park Corporate Center Trades for $31M
The 230,000-square-foot office property at 25 Vreeland Road was acquired by ACG, according to Colliers International Group, Inc., which represented both the buyer and the seller in the transaction.
FLORHAM PARK, NJ—A joint venture of Bergman Real Estate Group and Rialto Capital Management, LLC has sold the Florham Park Corporate Center here for $31.1 million.
The 230,000-square-foot office property at 25 Vreeland Road was acquired by the Arcadian Cap Group, LLC, according to Colliers International Group, Inc., which represented both the buyer and the seller in the transaction.
Prior to bringing the property to market, the Colliers leasing team of executive managing director Richard Madison and associate director Jack Callahan worked collaboratively with Bergman Real Estate Group to secure a number of leases, including two leases with Atlantic Health Systems, making the property a highly attractive investment opportunity.
Once the leasing strategy met the goals set by ownership, the Colliers Capital Markets & Investment Sales Team led by executive managing director Jacklene Chesler, managing director Matthew Brown and senior financial analyst Frank Summers were selected to develop and execute the marketing strategy for the sale of the property.
“There was a high level of demand and offers received for this asset,” says Chesler. “This triggered a few bidding rounds with a number of the top investor groups offering impressive and meaningful deal terms.”
Michael Bergman on behalf of Bergman Real Estate Group/Rialto Capital Management, LLC, pointed to the leasing activity prior to the Florham Park Corporate Center offering, including the Atlantic Health lease transactions, and adds, “The results of the sale and the tight marketing process exceed our expectations on the sale of this asset.”
Florham Park Corporate Center is situated on 16 acres provides 800 surface parking spaces. The buildings recently underwent $2.2 million in capital improvements, including renovated atrium lobbies, a new fitness center and lounge, courtyard upgrades, HVAC upgrades, new building management systems and lighting improvements.
The property is located 30 minutes from Newark International Airport and Manhattan and offers access to Routes 10 and 24, and Interstates I-78, I-280 and I-287. The property is also in close proximity to a wide variety of premier retail centers and dining options.