Real estate investment firm, Marcus & Millichap announced the sale of BP Lubricants USA Inc. headquarters in Wayne for $19,200,000, according to Brian C. Hosey, regional manager of the firm’s New Jersey office.
Investment specialists in the New Jersey office, Alan Cafiero and Ben Sgambati exclusively represented the seller, a private investor, and the buyer, also a private investor, in this transaction which fulfilled a 1031 exchange.
BP’s headquarters boasts 100,000 square feet and sits on 10.52 acres of land.
It is fully utilized by BP premium brand Castrol Oil as its corporate headquarters.
BP has made a significant investment in the building, M&M said, including renovations to the second and third floors and the expansion of lab and testing spaces.
The property is located near Interstates 80 and 287 and Route 46.