RARITAN, NJ-Raritan Corporate Park, a four-building, 250,000-sf office/flex/light industrial complex on 18 acres along Johnson Drive, has been sold for $9 million, or approximately $36 per sf. The buyer, Raritan Johnson Associates, and seller Raritan Associates are both local Somerset County investor groups.
The deal was arranged for both by Knauer Realtycorp, also locally based. The park was built in the 1960s, has undergone a series of upgrades over the years and was acquired by seller Raritan Associates 25 years ago in a transaction similarly arranged by the Knauer organization.
Simultaneous to the latest sale, the multi-tenant complex has picked up a new tenant in the form of Sebco Laundry Systems, according to Leonard Knauer, president of the firm that bears his name. Sebco, which owns and operates laundry units for apartment properties, is relocating from Greenbrook into 15,000 sf of HQ space and 20,000 sf of W/D space. Terms of the lease were not disclosed.
"There has been a ton of negative reports about the glut of office space in a troubled economy, but Somerset County's office and industrial market has remained upbeat," Knauer says. "There are just not that many good light industrial sites in Somerset County, and there is little likelihood that additional new facilities will be created in the near future."
Knauer's firm, which is based at 5 Johnson Dr. within the park, had the leasing exclusive for the previous owner and has been retained as property management and leasing agent by the new ownership. There is currently 29,000 sf available for lease, he reports.
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