CBRE recently announced the $16 million sale of 5 Becker Farm Road in Roseland, New Jersey.
The Class-A office building, totaling 121,667 square feet, is 91% leased. It is occupied by a diverse range of tenants from industries such as cybersecurity, legal, and financial services.
Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer, and Zach McHale of CBRE’s Institutional Properties Group represented the sellers, Northlight Capital Partners & Accordia Realty, in the transaction. The CBRE team also procured the buyer, Aresco Management, a New York-based investment firm. 5 Becker Farm Road is Aresco Management’s first New Jersey acquisition.
CBRE Vice Chairman, Mr. Jeffrey Dunne commented, “Northlight and Accordia have done a tremendous job in maintaining a high-quality asset evidenced by the recent securing of over 50,000 sq. ft. of new long-term leases and extensions as a result.”
“We pride ourselves on bringing new capital to the market. The Aresco team identified this as their first acquisition outside of Long Island and were very diligent in getting this deal across the finish line. I expect them to continue to grow in New Jersey in the future,” added Mr. Neuer, Executive Vice President, CBRE.