Colliers wraps up 10M sale of Piscataway office property

Elana Knopp//June 1, 2018//

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Global real estate firm Colliers International NJ completed a $10 million partial sale-leaseback of a Piscataway office building.Global real estate firm Colliers International NJ completed a $10 million partial sale-leaseback of a Piscataway office building.

The 88,780-square-foot property is situated on a 5.5-acre site inside the Corporate Park 287 office park. A private New Jersey-based investor purchased the property from Princeton Equities.

Jacklene Chesler, Patrick Norris, Matthew Brown and Angelo Vitale headed the assignment.

“It is noteworthy that Piscataway is now deemed to be the next biggest industrial hub in New Jersey,” Chesler said. “The demand for industrial space has spurred large industrial developments in Piscataway and the demolition/repurpose of obsolete and vacant office product. There are currently five industrial projects under construction in Piscataway totaling 1.9 million square feet with 69 percent of it already being pre-leased.”