The three-story Edison West office building at 2035 Lincoln Highway was recently sold through a pre-auction sale for $11.7 million. The office building, part of the Edison Square complex that includes the Crowne Plaza Hotel & Conference Center, was slated for an online commercial real estate auction in early August, led by brokerage firm Colliers and Ten-X.
The transaction was led by Colliers Vice Chair Jacklene Chesler, Senior VP Patrick Norris, and Transaction Manager Brittany Leventoff. The brokerage firm’s marketing campaign drew over 130 executed confidentiality agreements and 11 property tours, according to multiple reports.
A July NJ.com report said the 98,566-square-foot building was 83% leased and home to 21 tenants. It houses businesses in the medical tech, financial services, and education sectors and had about 17,000 square feet of space available, including a 15,000-square-foot commercial pad, at the time.
An additional 13,000 square feet will be available later this year when the building’s largest tenant and former owner, property management firm Friendwell Management, downsizes, according to a report in RE-NJ.
Records from the Middlesex County Tax Board show the building sold on September 5. The buyer, 20235 Lincoln Hwy LLC, is based in Colts Neck and paid $11.4 million for the 5.4-acre property.
The property has had an assessed value of $4.3 million for the last 10 years. It last sold in November 2014 for $9.5 million and before that, it sold for $24.2 million in October 2006.
Although the area around the hotel and the Edison Square complex consists largely of office and industrial buildings, the office building has strong access to key transportation arteries in central New Jersey. N.J. Route 27 borders the complex, and the I-287 interchange is just down the road. The Edison NJ Transit station is 1.5 miles from the building. The property is also less than five miles from U.S. Route 1, Exit 10 of the New Jersey Turnpike, and the Garden State Parkway.
