Newmark directed the sale of the property on behalf of KBS
KBS, one of the largest investors in premier commercial real estate in the nation, announced today the sale of Woodbridge Corporate Plaza, a six-building Class A office complex in Iselin, New Jersey. The property was sold to Ramapo, New York based Northeast Capital Group for $88 million. Newmark, a global commercial real estate services firm, directed the sale on behalf of KBS.
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KBS Sells 629,189 Square-Foot Class A Office Complex in Iselin, New Jersey for $88 Million (Photo: Business Wire)
“The New Jersey office market is home to a diverse roster of Fortune 500 companies and tenants who are drawn to a highly accessible, regional location,” says Marc DeLuca, Eastern regional president for KBS. “Woodbridge Corporate Plaza is defined by its proximity to the intersections of I-95, I-278 and Route 1 with exceptional mass transit connectivity via Amtrak, New Jersey Transit and the Metropark Station.”
The sale represents investors’ robust appetite for top-quality office properties in prime locations throughout the country despite the COVID-19 pandemic, DeLuca notes.
“The office market is poised for recovery as we move out of this health and economic crisis,” says DeLuca. “We’ve heard from numerous tenants that they are eager to return to the workplace after many months of working remotely. During the shutdown, productivity has begun to dip as people have grown weary of working from home. Companies and their teams are looking forward to coming back to the office safely where they can do their best collaborative and creative work. Properties like Woodbridge Corporate Plaza represent the type of superior-quality, well-amenitized space these firms are seeking as they navigate their way back to the office.”
Newmark’s Executive Managing Director Kevin Welsh, Managing Director Brian Schulz, Associate Jason Emrani, and Transaction Manager Maria Betancourt, along with support from Jamie Drummond, served as KBS’ exclusive advisors and representatives for the sale of Woodbridge Corporate Plaza.
“Woodbridge Corporate Plaza has seen close to a half million square feet of leasing velocity since January 2017,” says Welsh of Newmark. “The property is 90% leased to a diverse base of 64 tenants with investment-grade anchors, providing stable cash flow and staggered rollover. Moreover, this asset offers Northeast Capital Group 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 the area.”
KBS originally purchased the 629,189 square-foot business park in 2005, completing a multimillion-dollar renovation that included construction of all new corridors and restrooms, upgrading of flooring and lighting, installation of new entrance doors and new signage opportunities for tenants. The property provides a host of sought-after amenities, including a new 6,000 square-foot fitness center, a full-service café and caterer, on-site management office and shuttle service to the Metropark transit hub, according Stephen Close, asset manager for Woodbridge Corporate Plaza and senior vice president of KBS.
“Northeast Capital Group recognized an extraordinary opportunity to acquire one of Metropark’s most desirable office parks,” says Close. “The renovations KBS completed at this property make this well-located asset even more attractive to existing and prospective tenants. This business park is an excellent addition to the buyer’s portfolio.”
Attorneys Bruce Fischer, Howard Chu and paralegal, Amanda Kennedy, of global law firm Greenberg Traurig, LLP’s Orange County office, together with attorney Steven Fleissig in Greenberg’s New Jersey office, represented KBS as legal counsel in the disposition.
“We enjoyed representing KBS in the successful disposition of Woodbridge Corporate Plaza,” said Fischer, Greenberg Traurig’s Chair of the West Coast Real Estate Practice and Co-Managing Shareholder of the Orange County Office, who led the Greenberg Traurig team.
Woodbridge Corporate Plaza is located at 485 US-1, Iselin, NJ 08830.
Please find photos of Woodbridge Corporate Plaza here.
KBS is one of the largest investors of premier commercial real estate in the nation. As a private equity real estate company and an SEC-registered investment adviser, KBS and its affiliated companies have completed transactional activity of more than $42 billion on behalf of private and institutional investors globally. Founded in 1992 by Peter Bren and Chuck Schreiber, KBS acquires and operates prime commercial real estate in some of the most successful epicenters in the country. The firm is committed in its business ethics, its business relationships and its constant focus on exceeding the expectations of its investors, partners and tenants. SEC registration as an investment advisor does not imply any particular level of skill or training. For more information on KBS, please visit www.kbs.com.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to KBS’ ability to invest in and manage a diverse portfolio, and the performance of Woodbridge Corporate Plaza and of the Iselin, New Jersey real estate market. These statements are subject to known and unknown risks, uncertainties and other factors which may cause KBS’ and/or Woodbridge Corporate Plaza’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
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KBS Media Contacts:
Lexi Astfalk or Jenn Quader
Brower Group for KBS
KBS PR Manager
Newmark Media Contact:
PR & Communications Director