OLD BRIDGE, NJ — The Kislak Company, Inc. facilitated the acquisition of Parkway 120, a five story class “A” office building with more than 200,000 s/f located at 90 Old Matawan Rd. in Old Bridge, Middlesex County, by introducing the lead equity investor to the partnership that purchased the property.
Vice president Barry Waisbrod represented two members of the partnership and each is a longtime Kislak client.
“The sale represented an opportunity for the partnership to acquire one of the premier office buildings in north central New Jersey,” said Waisbrod. “Despite lower occupancies in other parts of the state, there is strong demand for class ‘A’ office buildings that are well-located and well-performing. Parkway 120 is in an ideal location and is full of very strong credit tenants.”
Constructed in 2001, Parkway 120 is situated at Garden State Parkway Exit 120 approximately 10 miles south of the intersection of I-287 and the New Jersey Turnpike.
The sleek glass and modern office building features high-speed fiber optic access, two HVAC units totaling 700 tons with a state-of-the art digital energy management system, 4,000 amp electrical service, a card-access security system, four 3,500-pound traction elevators, underground parking, and an on-site café and convenience store.
The building is occupied by credit worthy international tenants such as Tata Communications, Broadcom Corporation, Fragomen Del Ray, and iCIMS who together comprise over 80% of the leasable space.
At the time of closing, the property’s occupancy was nearly 100%. Financing was provided by Cantor Fitzgerald.
Barry Waisbrod joined Kislak in 2001 and is consistently among its leading salespeople and was the recipient of the company 2013 Sima Kislak Jelin Salesperson of the Year award, which is presented to the individual whose performance and professionalism during the past year demonstrated the highest standards of excellence.
The sale of Parkway 120 follows Waisbrod’s recent sale in Highland Park and East Brunswick, also in Middlesex County, of an 80,053 square foot, eight-property mixed-use portfolio for $10,000,000.