KBS sells 629,189 square foot Class A office building for $88 million

Newmark directed the sale of the property on behalf of KBS

KBSOne of the largest commercial real estate investors in the United States today announced the sale of Woodbridge Corporate Plaza (Woodbridge Corporate Plaza), a six-story Class A office building located in Iselin, New Jersey. The property was sold to Northeast Capital Group in Ramapo, New York for $88 million. NewmarkA global commercial real estate services company (KBS) directed the sale on behalf of KBS.

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Marc DeLuca, President of KBS Eastern Region, said: “The office market in New Jersey is home to a large list of Fortune 500 companies and tenants, who are attracted to highly accessible regional locations.” The definition of Ridge Enterprise Plaza is that it is close to the intersection of I-95, I-278, and Highway 1, and has excellent public transportation connections via Amtrak, New Jersey Transportation and Metropark stations.”

DeLuca pointed out that despite the COVID-19 pandemic, this sale represents a strong investor demand for quality office properties in prime locations across the country.

DeLuca said: “As we get rid of this health and economic crisis, the office market is expected to recover.” “We heard from many tenants that they are eager to return to the workplace after working remotely for months. Tired of working from home is getting more and more productive. The company and its team look forward to returning to the office safely, where they can perform the best collaborative and creative work. Properties such as Woodbridge Enterprise Plaza represent these companies The high-quality, well-decorated space sought when returning to the office.”

Newmark’s executive managing director Kevin Welsh, managing director Brian Schulz, Associate Jason Emrani and affairs manager Maria Betancourt, as well as the support of Jamie Drummond, are the exclusive consultants and representatives of KBS for the sale of Woodbridge Enterprise Plaza.

“Since January 2017, Woodbridge Corporate Plaza has been leased at a rate of nearly 500,000 square feet,” Newmark’s Wales said. “90% of the property is leased to 64 tenants with investment-grade anchors, which can provide stable cash flow and staggered turnover. In addition, this asset provides Northeast Capital Group with a secure income stream and has brought considerable The return on cash. The property’s dynamic location and market-leading lease rate make it a rare investment opportunity in the region.”

KBS originally purchased a 629,189 square foot business park in 2005 and completed a multi-million dollar renovation project, including the construction of all new corridors and toilets, upgrading flooring and lighting, installing new entrance doors, and providing tenants with new Signage opportunities. Stephen Close, the property’s asset manager, said the property offers many sought-after facilities, including a new 6,000-square-foot fitness center, full-service cafes and catering services, on-site management offices and visits Shuttle service from Metropark bus terminal. Senior Vice President of Woodbridge Corporate Plaza and KBS.

Cross said: “Northeast Capital Group (Northeast Capital Group) recognized an excellent opportunity to obtain one of Metropark’s most desirable office parks.” Existing and potential tenants are more attractive. The business park is an excellent addition to the buyer’s portfolio.”

Attorneys Bruce Fischer, Howard Chu, and paralegal Amanda Kennedy from the global law firm Greenberg Traurig, LLP Orange County Office, and Steven Fleissig, attorney from the Greenberg New Jersey Office, acted as legal counsel for KBS in this case.

Fischer, Chairman of Greenberg Traurig’s West Coast Real Estate Business Unit and co-managing shareholder of the Orange County Office, said: “We are very pleased to represent KBS in successfully disposing of Woodbridge Enterprise Plaza.”

Woodbridge Corporate Plaza is located at 485 US-1, Iselin, NJ 08830.

Please find photos of Woodbridge Corporate Plaza Here.

About KBS

KBS Is one of the largest investors in the top commercial real estate in the United States. As a private equity real estate company and an investment advisor registered with the SEC, KBS and its affiliates have completed more than $42 billion in transaction activities on behalf of private and institutional investors worldwide. KBS was founded in 1992 by Peter Bren and Chuck Schreiber and has acquired and operated premium commercial real estate in some of the most successful epicenters in the country. The company is committed to its business ethics, its business relationships, and its continuous commitment to exceed the expectations of its investors, partners and tenants. Registration by the SEC as an investment advisor does not imply any specific level of skills or training.For more information about KBS, please visit www.kbs.com.

About Newmark

Newmark Group Co., Ltd. (Nasdaq:NMR) And its subsidiaries (“Newmark”) are global leaders in commercial real estate services, providing a complete set of investor/owner and occupant services and products. Our integrated platform can seamlessly power every stage of property ownership or occupation. Our services are tailored to every type of client, from owner to occupant, investor to founder, growing startup to leading company. Using the power of data, technology and industry expertise, we bring originality to every exchange and imagination to every field. Together with our London partner Knight Frank and independent offices, we have 18,800 professionals in approximately 500 offices around the world, providing a global perspective and a flexible approach. In 2020, Newmark’s revenue exceeds $1.9 billion.To learn more, please visit nmrk.com Or follow @newmark.

This press release may contain forward-looking statements referred to in Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended, including statements related to KBS’s investment and management capabilities. A diversified product portfolio and the performance of the Woodbridge Corporate Plaza and 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 differ from such forward-looking statements or any future results, performance or performance implied by such forward-looking statements or A major difference in achievement, it looks like a statement.

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