CBRE announced this week that it represented seller Northlight Capital Partners & Accordia Realty – and procured the buyer – in the $16 million sale of 5 Becker Farm Road in Roseland.
The 91% leased, Class-A office building was sold to New York-based Aresco Management, marking its first Garden State acquisition, according to CBRE.
“We pride ourselves on bringing new capital to the market. The Aresco team identified this as their first acquisition outside of Long Island and were very diligent in getting this deal across the finish line,” said Executive Vice President Jeremy Neuer. “I expect them to continue to grow in New Jersey in the future.”
Vice Chairman Jeffrey Dunne, Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale of the firm’s Institutional Properties group handled the assignment.
“Northlight and Accordia have done a tremendous job in maintaining a high-quality asset evidenced by the recent securing of over 50,000 square feet of new long-term leases and extensions as a result,” Dunne said.
Overall, 5 Becker Farm Road offers 121,667 square feet. Its tenant roster currently boasts firms operating in the cybersecurity, legal and financial industries.