Colliers International Group Inc. said Jan. 25 it closed the sale of 7 Becker Farm Road, a multi-tenant office building located in Roseland. A Colliers team led by Executive Managing Director Jacklene Chesler, along with Managing Director Matthew Brown and Associate Director Patrick Norris completed the transaction on behalf of the seller in under 30 days.
Located in Essex County, 7 Becker Farm Road is a four-story office building that is currently occupied by three tenants with short term leases in-place. The building features on-site amenities including a fitness center, cafeteria and conference center. The property also recently underwent a renovation to the common areas including the lobby, cafeteria and partial building LED upgrades.
“Essex County has been a historically popular destination due to its proximity to Manhattan,” said Chesler. “Our team’s commitment and extensive market knowledge has allowed us to complete the sale of several highly-vacant office buildings during the pandemic. We leveraged the Tenx.com site, in addition to our proprietary database of investors, to help generate 25 tours and 21 approved bidders. I’m extremely proud of our team for its success in securing the perfect buyer for the property.”
The property’s new owner will be able to leverage the area’s desirability and rebrand the asset including naming rights along with monument signage. With the benefit of having a lower basis compared to other owners within the corporate park.
Colliers completed the sale via leading online, end-to-end transaction platform Tenx.com. The Chesler-led team has marketed nearly 30 projects on the platform over the years with great success.