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Newmark is pleased to announce that it has negotiated the sale of 3 Becker Farm Road in Roseland, New Jersey, on behalf of the seller Normandy Real Estate Partners for $17.2 million, or $150 per square foot. Executive Managing Director Kevin Welsh, Managing Director Brian Schulz and Associate Chuck Kohaut of Newmark’s Tri-State Capital Markets team led the transaction.
The buyer Westwood Properties is an international real estate fund making its first acquisition in the United States. Westwood defeased the existing CMBS mortgage at closing.
3 Becker Farm is a 115,422-square-foot Class A office building that is 97-percent-leased to a diverse base of mid-sized corporate headquarters tenants offering stable, long-term, in-place income. The property was recently renovated with $2 million in capital improvements, driving long-term commitments by anchor tenants Mandelbaum Salsburg and Tompkins McGuire. Situated at the four-way cloverleaf interchange of I-280 and Livingston Avenue, 3 Becker Farm offers convenient regional access and an emerging mixed-use environment within walking distance.
“The Property’s durable cash flow and attractive yield were a highly compelling investment proposition for the buyer’s first US acquisition,” said Mr. Welsh. “The investor is well positioned to benefit long-term from the area’s continued transformation into a dynamic live-work-play-stay setting. We are pleased that we were able to execute this complex transaction, achieve record pricing in Roseland, and maximize sale proceeds on behalf of Normandy.”
About Newmark
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
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