9/19/2008

New Jersey office building sells for $2.75M

by Michael Wayne
Long Island-based Delran Realty, LLC, has purchased the Chester Avenue Professional Center in Delran, N.J., for $2.75 million from Taplow, LLC.

Douglas Rodio, Jon Sarkisian, Brian Saggiomo and Associate Anthony LiVecchi of CB Richard Ellis handled the negotiations for the seller and procured the buyer.

The multi-tenant office complex is located at 950 Chester Ave. and contains 20,600 square feet. Built in 1980, it sold with a 7.85-percent capitalization rate and is comprised of two single-story buildings within the Millside Office and Industrial Park. Chester Avenue is currently 100-percent occupied by four long-term tenants.

Address: 950 Chester Ave., Delran, N.J.

Size: 20,600 square feet

Built: 1980

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Filed Under: Office

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