In the transaction, CBRE represented the seller, Warren High Tech Center LP, and procured the buyer, 141 Mt. Bethel Realty, a local investment group. The property sold for $12.75 million, which factors out to just under $86 per sf.
"This transaction was unique in that we assisted the bankruptcy court in the sale and auction process," Dunne explains. "The property attracted considerable interest because of its size--22.3 acres--and because of its location."
It also attracted attention because of its occupancy situation. The property is currently fully occupied by Anadigics, which uses it for its headquarters and main manufacturing operations. The company, which produces custom and standard integrated circuits for communications systems, leases the entire building on a triple-net basis through the end of 2016.
CBRE's Tri-State Investment Team, meanwhile, has closed some $675 million in transactions so far this year. Those deals include the recent sales of the Commons at West Windsor, a 302,561-sf office complex in West Windsor, NJ; the 410,000-sf 111 Sylvan Ave. office building in Englewood Cliffs, NJ; Aviation Plaza, a 387,000-sf shopping center in Linden, NJ; and the 360-unit Hunters Chase Apartments in Marlton, NJ.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
