KBS is offering for sale Woodbridge Corporate Plaza, a six-building Class A office complex located at 485 US-1 in Iselin, New Jersey.
KBS has retained NKF’s Kevin Welsh, Brian Schulz, and Jason Emrani as its exclusive advisors and representatives for the sale of the asset.
The property is a well-laid out campus of six highly flexible buildings located at the intersection of three interstate highways and two highly traveled business routes.
“KBS is well-known for identifying the highest-quality properties in the epicenter of key growth markets throughout the country,” said Marc DeLuca, regional president, Eastern United States, for KBS.
“The central New Jersey submarket of Metropark, with proximity to New York City, is a pivotal suburban market, and Woodbridge Corporate Plaza has proven itself to be a strong asset for our client portfolio.”
Ownership of the 629,190 square-foot business park recently completed a renovation project that included construction of new modern lobbies and restrooms, upgrading of flooring and lighting, installation of new entrance doors and new signage opportunities for tenants.
The property provides a host of amenities, including a new 6,000 square-foot fitness center, an on-site full-service café and caterer, on-site management and a shuttle service to Metropark transit hub.
“Woodbridge Corporate Plaza is Metropark’s most actively leased property, with 458,071 square feet of leasing velocity since January 2017,” said Welsh, executive managing director, capital markets, for NKF.
“The property is 90 percent leased to a diverse tenant base with investment-grade anchors including BNP Paribas, Progressive Insurance, and Middlesex Water, providing stable cash flow and staggered rollover. Moreover, this asset offers investors a secure income stream with strong cash-on-cash returns at an attractive basis. The property’s dynamic location and market-leading leasing velocity make it a rare investment opportunity.”
In addition to the superior highway access, the property is approximately one-half mile from the Metro Park train station, which is a major stop for both New Jersey Transit and Amtrak. A bus operates during peak commuting periods from the Metro Park train station to the office buildings in the immediate area (including Woodbridge Corporate Plaza).