PISCATAWAY, NJ — Colliers International Group Inc., announces the firm has arranged the sale of 225 Old New Brunswick Rd., a 65,253 s/f office property in Piscataway. A team led by executive managing director Jacklene Chesler, managing director Matthew Brown and associate director Patrick Norris, was able to complete the deal on behalf of the seller Rafael Holdings Inc. for $3.875 million.
Built in 1978, the three-story building has historically been home to telecom tenants requiring heavy power needs. The property features robust data infrastructure in place and is currently 28% occupied by two investment grade tenants.
“We're pleased that we were able to secure this sale despite the many challenges presented by COVID-19,” said Chesler. “New Jersey as a market continues to show its resiliency and this transaction is yet another testament to our team’s commitment to delivering the best results for our clients. Our group at Colliers has now transacted more than one million square feet of office sales in Piscataway over the last four years.”
“We’re thankful to have worked with Jackie Chesler and relied on her team’s expertise to complete this transaction,” said Elliot Hersch on behalf of Rafael Holdings Inc. “Colliers was totally committed to helping us meet our corporate goals for this sale and we’re pleased with the outcome amid a rapidly-changing set of circumstances.”