Aresco makes first NJ investment with $16M office buy

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CBRE announced that Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale of CBRE’s Institutional Properties group represented Northlight Capital Partners & Accordia Realty in the $16 million sale of 5 Becker Farm Road in Roseland, New Jersey.

The CBRE team was also responsible for procuring the buyer, Aresco Management, a New York-based investment firm making its first New Jersey acquisition.

5 Becker Farm Road is a 91% leased Class-A office building
totaling 121,667 sq. ft. The property is occupied by a diverse tenant base from
industries such as cybersecurity, legal, and financial services.

CBRE Vice Chairman, Mr. Jeffrey Dunne commented, “Northlight
and Accordia have done a tremendous job in maintaining a high-quality asset
evidenced by the recent securing of over 50,000 sq. ft. of new long-term leases
and extensions as a result. “

“We pride ourselves on bringing new capital to the market.
The Aresco team identified this as their first acquisition outside of Long
Island and were very diligent in getting this deal across the finish line. I
expect them to continue to grow in New Jersey in the future,” added Mr. Neuer,
Executive Vice President, CBRE.

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