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FRANKLIN TWP., NJ-he David Cronheim Co., Chatham, NJ, has brokered the sale of Progressive Office Plaza, a 16,400-sf professional office/medical building situated on 5.5 acres here. The sale price was approximately $2 million, which factors out to just under $122 per sf. Neither the buyer nor seller were named.

Cronheim contracted four years ago to lease out the asset on behalf of the seller in the recent transaction. “After securing several tenants, we succeeded in converting all of the leases, new and existing, to triple net,” according to Peter Wisniewski executive vice president of the Cronheim company. “The lease conversions stabilized net income and made the property more attractive to potential investors.”

Progressive Office Plaza was put on the market this past spring. Besides representing the seller in the latest transaction, Cronheim also procured the buyer. According to Wisniewski, plans are underway to develop the rest of the site for business and medical offices, or light industrial uses.

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