Jones Lang LaSalle
73,000-SF Office Building Trades for $13M
By Eric Peterson
Last updated: April 12, 2006 10:47am
SOMERVILLE, NJ-Sterling Enterprises has acquired Post Office Plaza, a 73,000-sf office building at 50 Division St., for just over $13.3 million, or approximately $182.50 per sf. The seller was JG Petrucci. The buyer is a Flemington, NJ-based investment group headed by David Hay.
"The sale of Post Office Plaza demonstrates our value-added property program," says Greg Rogerson, a principal of the Asbury, NJ-based Petrucci organization. Petrucci bought the asset in mid-2002 from Somerville Urban Renewal Associates, a local group, for an undisclosed price.
Completed in 1987, Post Office Plaza is situated across from this Somerset County seat’s commuter rail station. The building’s major tenants include Embryon Inc., which occupies 44,300 sf; New England Financial (11,500 sf); and Harding Loevner (9,500 sf). All three renewed their leases in 2003.
73,000-SF Office Building Trades for $13M
By Eric Peterson
Last updated: April 12, 2006 10:47am
SOMERVILLE, NJ-Sterling Enterprises has acquired Post Office Plaza, a 73,000-sf office building at 50 Division St., for just over $13.3 million, or approximately $182.50 per sf. The seller was JG Petrucci. The buyer is a Flemington, NJ-based investment group headed by David Hay.
"The sale of Post Office Plaza demonstrates our value-added property program," says Greg Rogerson, a principal of the Asbury, NJ-based Petrucci organization. Petrucci bought the asset in mid-2002 from Somerville Urban Renewal Associates, a local group, for an undisclosed price.
Completed in 1987, Post Office Plaza is situated across from this Somerset County seat’s commuter rail station. The building’s major tenants include Embryon Inc., which occupies 44,300 sf; New England Financial (11,500 sf); and Harding Loevner (9,500 sf). All three renewed their leases in 2003.
posted by Jones Lang LaSalle NJ News Blog at 9:53 AM
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