KBS Sold The New Jersey Office Park To Northeast Capital Group for $88 Million

A six-building office complex in Iselin, New Jersey, has turned hands for $88 million.

Northeast Capital Group in Ramapo, New York purchased the property from KBS, a California-headquartered commercial real estate investor.

The 629,000 SF Woodbridge Corporate Plaza, at 485 U.S. Route 1, is ninety percent allot to 64 tenants, according to Kevin Welsh of Newmark, who, along with Brian Schultz, led a team of agents representing the seller.

KBS bought the property in 2005 and paid millions of dollars on renovations, including new hallways, restrooms, floors, lighting, passage doors, and signage for renters.

The office sector faces an undecided future, with many office workers still operating from home. The Garden State’s office availability rate in the first quarter was 21.6%, up 4% points of the same time last year, as per a report from Avison Young New Jersey.

Yet many main office transactions have reported lately, including Mack-Cali Realty’s $255 million sales of a Short Hills, New Jersey, office complex to the Birch Group in April.

The New Jersey-based real estate investment trust also sold its 4 building Metropark complex in Edison and Iselin, New Jersey, to Opal Holdings, a New York City REIT, for $254 million.

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