Colliers closed the sale of 80 Cottontail Ln., a four-story office building located in Somerset, NJ, for $4.6 million. A Colliers team led by vice chair Jacklene Chesler and VP Patrick Norris represented the seller. The buyer is an end-user and plans to occupy a portion of the 85,425-square-foot property.
“80 Cottontail Lane presents a remarkable value-add opportunity in one of New Jersey’s most strategic and affluent regions,” said Chesler. “With more than 37,000 square feet of available space and the potential to increase rents, the property offers tremendous upside.” The region’s ongoing shift toward office-to-industrial conversions further enhances the property’s appeal by limiting the supply of office space in Somerset County
The Colliers team marketed 80 Cottontail Ln. for sale in conjunction with online CRE auction platform Ten-X. Colliers is marketing two South Jersey office assets via Ten-X; both assets are slated for the Ten-X Auction Event, Sept. 15-17.
Photo courtesy of Bussel Realty Corp.
The post … appeared first on Connect CRE.