"Berkshire is selling it as part of a typical asset rotation strategy," Carton tells GlobeSt.com. And Berkshire is looking to move the building quickly: Final bids are due on May 15. Because of the bidding process involved, an asking price hasn't been released. However, recent sales of similar properties in the market suggest the property could trade for a number in the $45-million range.
Located on 16.6 acres at 2025-2045 Lincoln Highway (also known as Route 27) in Central New Jersey's Middlesex County, the property's three buildings were constructed in phases between 1984 and 1987. The 2025 and 2035 buildings are 67,463 and 97,156 sf respectively, and are currently more than 90% leased to a total of 24 tenants. The 2045 building totals 67,463 sf and is vacant at the moment.
The three buildings are configured around a central courtyard and fountain, and the complex also features its own heliport, located in back of the 2035 building. The property also comes with an option to build an additional 35,000-sf building on site. Also located at the property, but not included with the sale offering, is a 170-room Clarion Hotel & Conference Center.
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