SOMERVILLE, NJ-Sterling Enterprises has acquired Post Office Plaza, a 73,000-sf office building at 50 Division St., for just over $13.3 million, or approximately $182.50 per sf. The seller was JG Petrucci. The buyer is a Flemington, NJ-based investment group headed by David Hay.

“The sale of Post Office Plaza demonstrates our value-added property program,” says Greg Rogerson, a principal of the Asbury, NJ-based Petrucci organization. Petrucci bought the asset in mid-2002 from Somerville Urban Renewal Associates, a local group, for an undisclosed price.

Completed in 1987, Post Office Plaza is situated across from this Somerset County seat’s commuter rail station. The building’s major tenants include Embryon Inc., which occupies 44,300 sf; New England Financial (11,500 sf); and Harding Loevner (9,500 sf). All three renewed their leases in 2003.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.