Chesler, Brown & Norris of Colliers International completes sale of 65,000 s/f New Jersey office
PISCATAWAY, NJ — Colliers International Group Inc., announced 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 s/f of office sales in Piscataway over the last four years.” 225 Old New Brunswick Rd. is located along the I-287 Corridor office submarket has been recognized in recent years as one of the most improved office submarkets in New Jersey due to its strong fundamentals and continued industrial demand.