JAMESBURG and Fairview, NJ — Lee & Associates New Jersey has negotiated the $4.4 million sale of Forsgate Commons, a 26,295 s/f office building in Jamesburg. The commercial real estate firm’s Beth Chezmar represented the seller in the $4.4 million transaction.
“The buyer, a not-for-profit organization, was initially attracted to the property’s Central Jersey location, the building size and its stately construction,” Chezmar said.
Dan De Palma of North American Realty, who represented the buyer, added: “The ample parking capacity and ability to occupy a portion of the building on closing were major factors in my client’s decision to move forward with the acquisition.”
Forsgate Commons was originally constructed in 1930 as Jamesburg High School and renovated for multi-tenant office use in the 1980s. Situated on 3.3 acres, the two-story, Art Deco building features a park-like setting with easy access to the New Jersey Tpke., Rte. 130, and other regional thoroughfares. Its tenants include many long-term occupiers in a range of industries.
According to Chezmar, Forsgate Commons’ healthy historic performance speaks to the desirability of the Greater Brunswick office market. With an inventory of nearly 670 buildings totaling 8.6 million square feet, this Northern New Jersey submarket maintains a vacancy rate well below regional averages, with rents hovering around all-time highs.
In a second transaction, El Primo Mexican Restaurant has opened a new location at 175 Broad Ave. in Fairview. Lee & Associates New Jersey negotiated the 1,737 s/f long-term lease, bringing Valley Plaza Shopping Center to 100% occupancy.
The commercial real estate firm’s Josh Krantz represented both the property owner, Vail Development, LLC, and its new tenant, an experienced regional restaurant owner. “This family-owned and operated eatery is a great addition to Valley Plaza’s tenant mix,” said Krantz. “The neighborhood shopping center’s ideal location in a heavily trafficked area – right on the corner of Fairview and Broad Ave./Rte. 9 – were major factors in El Primo’s decision to commit there.”
Valley Plaza is anchored by national retailers, including QuickChek, and Advance Auto Parts. Last year, State Farm Insurance Office joined the roster in a lease Kranz also negotiated.